New bitcoin futures ETF lets investors dip their toes in the cryptocurrency market
CBSN
Shares of the nation's first exchange-traded fund tied to the cryptocurrency jumped after making their market debut on Tuesday.
The ProShares Bitcoin Strategy ETF, which trades on the New York Stock Exchange under the ticker symbol "BITO, rose 3% to $41.22 in early action a. The fund will invest mostly in bitcoin futures contracts and not directly in the cryptocurrency itself. That means the fund will invest in bets on where the digital coin will be priced in the future. The market is overseen by the Commodity Futures Trading Commission, or CFTC.
The financial product could appeal to investors who are used to buying stocks through brokerage accounts, but who are averse to trading cryptocurrencies, according to ProShares, a Bethesda, Maryland asset manager.
