Demand for Bitcoin Futures ETF BITO Ramps Up

Demand for Bitcoin Futures ETF BITO Ramps Up

In the world of cryptocurrency, the demand for the Bitcoin Futures ETF BITO is soaring. With over $1.47 billion in assets under management, BITO has surpassed a previous record set in 2021, indicating a strong resurgence in institutional interest in Bitcoin. The fund, listed on the Chicago Mercantile Exchange, provides investors with a regulated and accessible way to gain exposure to Bitcoin-related returns. This growing demand reflects the need for a familiar and secure avenue to target Bitcoin’s potential returns. Additionally, Grayscale Bitcoin Trust (GBTC) is updating its trust agreement to optimize its structure for the anticipated shift to a spot Bitcoin ETF, leveling the playing field for other applicants. These developments signal an exciting period of growth and innovation in the cryptocurrency market.

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Demand for Bitcoin Futures ETF BITO Ramps Up

With the growing interest in bitcoin and the cryptocurrency market, demand for the ProShares’ Bitcoin Strategy ETF (BITO) has been on the rise. BITO, which is a bitcoin futures fund offered in the U.S., has hit a record high of $1.47 billion in assets under management this week, surpassing its previous record set in December 2021. This increase in assets under management reflects the renewed institutional demand for bitcoin. It comes at a time when several bitcoin spot exchange-traded fund (ETF) applications have been filed in the U.S. BITO, listed on the Chicago Mercantile Exchange (CME), provides investors with a regulated way to gain exposure to bitcoin-linked returns.

“We believe this speaks to the demand for a familiar, accessible and regulated way to target the returns of bitcoin,” said Simeon Hyman, global investment strategist at ProShares.

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ProShares’ Bitcoin Strategy ETF Hits Record Assets Under Management

ProShares’ Bitcoin Strategy ETF (BITO) has seen a surge in assets under management, reaching a record high of $1.47 billion. This increase indicates a growing interest in bitcoin as an investment asset. BITO provides investors with exposure to bitcoin-linked returns through a regulated product. The ETF’s success comes at a time when there is increasing demand for bitcoin investment options.

Grayscale Updates Trust Agreement for Grayscale Bitcoin Trust

Grayscale, the manager of the Grayscale Bitcoin Trust (GBTC), has announced an update to the trust’s agreement. This update, the first since 2018, aims to optimize the trust’s structure in preparation for a potential change to a spot bitcoin ETF. It also aims to level the playing field for GBTC against other applicants, including BlackRock, a major asset-management giant. The proposed modifications to the trust agreement include a change in the frequency of fee payments, which will be payable daily instead of monthly. This update will be put to a shareholder vote and reflects Grayscale’s commitment to fee reduction.

ARK Invest Sells Coinbase Stock and Buys Robinhood and SoFi Shares

ARK Invest, the investment management firm founded by Cathie Wood, has made some notable portfolio adjustments. The firm sold $5 million worth of Coinbase stock while acquiring $2 million of shares in trading platform Robinhood and $1.5 million of shares in online bank SoFi Technologies. This decision reflects ARK’s confidence in the growth potential of Robinhood and SoFi, as well as their ability to generate returns for investors. It also highlights ARK’s strategy of actively managing its portfolio to take advantage of market opportunities.

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