According to data released by Bloomberg's senior ETF analyst Eric Balchunas on social media, the asset management company ProShares' Bitcoin futures exchange-traded fund, ProShares Bitcoin Strategy (BITO), has surpassed $1 billion in assets under management, and the ETF has also set a record for the largest weekly inflow in 2023. Additionally, ProShares traded 500 million shares of stock last Friday.
ProShares Bitcoin Strategy ETF is an exchange-traded fund (ETF) that tracks the performance of Bitcoin futures. BITO is the first Bitcoin ETF approved by the U.S. Securities and Exchange Commission (SEC) and began trading on October 19, 2021. BITO aims to provide investors with a way to gain exposure to Bitcoin's risk without having to buy and store the underlying cryptocurrency. Currently, BITO is the largest Bitcoin futures ETF.
Currently, Bitcoin ETFs can only hold Bitcoin futures contracts or stocks of companies with exposure to cryptocurrencies. The U.S. Securities and Exchange Commission is continuously evaluating whether to ultimately approve ETFs that directly own Bitcoin.