ProShares Bitcoin Strategy ETF (BITO) Surpasses $2 Billion in Assets, Sets All-Time High
The ProShares Bitcoin Strategy ETF (BITO), an exchange-traded fund focused on Bitcoin (BTC) futures, has amassed over $2 billion in assets, reaching an all-time high.
According to data by YCharts , BITO’s assets stood at $2,010,057,946 as of the market close on January 8, which represents a remarkable growth of 10% in just one week, as it climbed from $1.8 billion on January 2.
Furthermore, within the past month, BITO experienced an 18% surge in assets from $1.7 billion on December 9, 2023.
ProShares global investment strategist Simeon Hyman said that speculation surrounding a spot Bitcoin ETF has been widely discussed as a driver for Bitcoin’s price appreciation.
However, he noted that Bitcoin had been on an upward trajectory throughout 2023, even in the face of challenges such as crypto-related bank issues in March and rising interest rates.
In December 2023, Ark Invest, led by Cathie Wood, sold over $200 million in Coinbase shares through its ETFs.
However, the firm made a notable purchase of $92 million worth of BITO in late December, indicating their confidence in the growth potential of the Bitcoin Strategy ETF.
The move came at a time when market speculation is rife about the imminent approval of the spot Bitcoin ETF by the Securities and Exchange Commission (SEC) by the January 10, 2024 deadline.
As broader financial markets brace for potential ETF approval, industry experts are closely monitoring the crypto stocks’ performance in the lead-up to the deadline.
Ark Invest’s recent portfolio adjustments might be viewed as a proactive measure to position itself favorably ahead of a potential market shift or as a safeguard against market corrections.
When examining the trading activity of BITO, the
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