Cryptocurrencies
Smash-Hit Bitcoin ETF Ups the Ante For Issuers Racing to Launch
- BITO’s success raises stakes for seven pending applications
- BTF, the second-ever U.S. Bitcoin fund, saw much less fanfare
Photographer: Michael Nagle/Bloomberg
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The cryptocurrency universe got its long-awaited wish: Not one, but two U.S. Bitcoin-linked exchange-traded funds finally launched, bringing further mainstream acceptance and a flood of cash.
But after the stunning success of the ProShares Bitcoin Strategy ETF (ticker BITO) -- which accumulated more than $1 billion in assets in just days -- the stakes are higher than ever for the queue of issuers hoping to gain a foothold in the sector. Indeed, when the Valkyrie Bitcoin Strategy ETF (ticker BTF) debuted Friday, 3.1 million shares changed hands. That compares with the 24 million BITO shares traded at Tuesday’s launch, which unleashed enthusiasm that helped send Bitcoin to record a day later.