Wednesday, Jul 6, 2022
International Finance
Currency Featured

Bitcoin hovers below record levels after first-ever ETF debuts on NYSE

Bitcoin ETF-IFM-image
The Proshares Bitcoin-linked ETF is trading under the ticker name of BITO

Bitcoin’s value hovered just below the record levels of $64,895.22, which was recorded on April 14 this year as the first-ever bitcoin futures-based exchange-traded fund (ETF) began trading on the New York Stock Exchange (NYSE).

The Proshares Bitcoin-linked ETF started trading on the NYSE under the ticker name of BITO. Reportedly, the bitcoin ETF was trading at 3.2 percent higher at $41.2. Bitcoin’s value surged as much as $64,499 on Tuesday.

In this regard, Simeon Hyman, global investment strategist at ProShares told the media, “We are really excited to bring BITO, the first Bitcoin-linked ETF, to investors as an important opportunity for them conveniently to invest in Bitcoin in their regular brokerage account. This is going to allow many people who have been waiting for an easy way to do this and a robust way to do this to now be involved and have it in their portfolios.”

It was further reported that nearly 12 million shares worth $480 million changed hands since the start of trading.

Last week, the US Securities and Exchange Commission (SEC) approved an application from crypto-asset manager Valkyrie for a Bitcoin (BTC) exchange-traded fund with the shares to be listed on the Nasdaq Stock Market.

It was revealed in a letter from Eun Ah Choi, Nasdaq’s vice president of listing qualifications. The letter noted Valkyrie’s Bitcoin ETF shares had been certified by the stock exchange.

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.