The first of its kind, the Bitcoin futures exchange-traded fund officially launched on the NYSE under the ticker $BITO.
The ProShares Bitcoin Strategy ETF will mainly focus on Bitcoin futures; this new fund is monumental to ongoing strides to adopt crypto in institutions; it will provide investors exposure to the volatile crypto markets to consumers, without having to use a cryptocurrency exchange, such as Coinbase and Gemini.
Analysts have weighed in on the matter.
“This is a paradigm shift. And it’s giving old school investors that chance to have exposure to Bitcoin,” said Ben Armstrong, founder of BitBoy Crypto.
“It’s just another step to adoption which is what everyone in crypto likes to see.”
This victory is monumental to the crypto community, and is emblematic of the past couple years of trying to get cryptocurrencies to go mainstream, which finally looks like it may be happening.