Shares of the first U.S. bitcoin-linked exchange-traded fund rose in their trading debut on the NYSE Tuesday.
The ProShares Bitcoin Strategy ETF, ticker “BITO,” jumped more than 3% to $41.44. The fund tracks CME bitcoin futures, or contracts speculating on the future price of bitcoin, rather than the crypto itself.
The price of bitcoin briefly popped Tuesday morning after trading began, jumping 3% to $63,035.04, according to Coin Metrics, nearing its all-time high from April 14 of $64,899. Bitcoin futures gained about 2% as well.
“The fund seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts. The fund does not invest directly in bitcoin,” the ProShares website says of the fund. The fund has an expense ratio of 0.95%.
ProShares is the eighth-biggest ETF provider by assets, according to ETDB.com. The firm is known for its funds that use leverage to track moves in certain indexes multiplied by a certain amount. ProShares executives rang the opening bell at the NYSE, where the ETF trades.
