Good news for Crypto traders ... First bitcoin ETF is here and the symbol is BITO

For a long time, many companies have tried to list Bitcoin ETF but they have been unsuccessful due to regulation issues. Well, the time is now and a company named ProShares was able to do it. Today, October 19th 2021, the first Bitcoin exchange trade fund is started trading under the stock symbol BITO, and the fund is called Proshare Bitcoin Strategy ETF. 

The ProShares Bitcoin ETF was trading at $41.65 when it hit the market, 21.4 million shares of ARCA went into sales today and it's valued at $890 million. 

“There are a multitude of investors who have brokerage accounts and are comfortable buying stocks and ETFs,” said ProShares Chief Executive Michael Sapir in an interview. “We think this will appeal to them.”

Thomas Lee, a managing partner at research firm Fundstrat Advisors, said the ProShares ETF will enable more individuals to invest in bitcoin. He said assets in the fund could rise to as much as $50 billion from $20 million today.

“This will drive higher asset prices via network effects,” Mr. Lee said. He said bitcoin could rise to $168,000 from a recent $62,400.