ProShares’ Bitcoin Strategy exchange-traded fund (BITO) registered the highest ever first day “natural” volume for an ETF – the figure went above the $1 billion thresholds by the end of the opening day.
This places it second overall after the BlackRock US Carbon Transition Readiness ETF which recorded $1.16 billion in volume when it was launched in April.
The ProShares Bitcoin futures-based ETF was premiered on the New York Stock Exchange yesterday with an opening price of $40.88. It closed the day with $41.94. In total, 24.313 million shares were traded.
Eric Balchunas, Bloomberg senior ETF analyst, said that ProShare’s ETF was decidedly the largest when it comes to “natural” or “grassroots interest.” This contrasts with BlackRock’s US Carbon Transition Readiness ETF launch volume which was “unnatural” since it was driven by “one pre-planned giant investor.”
But Balchunas also said: