Bitcoin futures ETF ProShares BITO hits record high with over $2 billion in assets.

ProShares Bitcoin BTC

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BITO (Strategy ETF), a Bitcoin futures exchange-traded fund, has accumulated assets of more than $2 billion, hitting an all-time high.

Simeon Hyman, global investment strategist at ProShares, told The Block that the fund had assets of $2,010,057,946 at the close of the market on January 8. He added that BITO grew 10% last week from $1.8 billion on January 2 and 18% last month from $1.7 billion on December 9, 2023.

“Many have pointed to speculation about spot Bitcoin ETFs as the driving force behind the rise in Bitcoin prices, but also crypto-related banking issues in March, rising interest rates, and other ‘challenges’ for Bitcoin exchanges,” Hyman said. .

“At the same time, the growing interest in Bitcoin has reminded us that obtaining short-term exposure to cryptocurrencies can be difficult and expensive. Futures-based short-term Bitcoin and short-term EETH ETFs BITI and SETH are currently “Available in brokerage accounts, it is the only ETF in the United States for investors looking for an opportunity to profit when the price of Bitcoin or Ether falls,” he continued.

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In December 2023, Cathie Wood’s Ark Invest sold over $200 million worth of Coinbase stock through ETFs. The Block previously reported that the company purchased $92 million worth of BITO in late December.

According to data compiled by The Block, BITO’s daily trading volume on January 8 reached $811.13 million.

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