First ETF linked to Bitcoin is set to make its debut
ABC News
ProShares said Monday it plans to launch the country’s first exchange-traded fund linked to Bitcoin
NEW YORK -- Interested in Bitcoin but don’t want to open a crypto trading account? Wall Street has something for you.
ProShares said Monday it plans to launch the country’s first exchange-traded fund linked to Bitcoin. The ETF with the ticker symbol “BITO” is expected to begin trading Tuesday, barring any opposition from regulators.
It's the latest milestone for Bitcoin and for the ETF industry in general. In a statement, ProShares CEO Michael Sapir compared the launch of a crypto-linked ETF to the 1993 launch of the first stocks ETF and the 2002 rollout of the initial bond ETF. The U.S. market for ETFs has grown to more than $5.4 trillion and they're owned by roughly 9% of all the nation's households, according to the Investment Company Institute.
Cryptocurrencies, meanwhile, have exploded into a nearly $2.5 trillion industry after the creation of thousands of digital currencies. Bitcoin is the biggest of them all, with a total value of nearly $1.2 trillion. But like much in the crypto world, the Bitcoin-linked ETF is a bit complicated.
