20 OCT, New York (CNN Business)-Cryptocurrency investors finally got what they’ve been clamoring for as the first bitcoin-linked, exchange-traded fund launched Tuesday.
The ProShares Bitcoin Strategy ETF began trading at $40 a share under the ticker symbol “BITO” and finished the day up 5%. The ProShares fund is the first of what is expected to be several ETFs that track bitcoin futures to debut on Wall Street.
VanEck, Invesco, Valkyrie and Galaxy Digital are among several investment firms that have applied with the Securities and Exchange Commission to launch bitcoin ETFs.
Bitcoin has surged in value this month in anticipation of the fund’s debut and thanks to the fact that more big institutional investors are buying it. The cryptocurrency has rallied despite continued criticism from JPMorgan Chase (JPM)CEO Jamie Dimon, who recently dubbed it “worthless.”
Prices topped $64,000 Tuesday afternoon, up from just below $44,000 at the end of September, a more than 40% surge.
