The digital coin recorded strong growth this month, in anticipation of the fund’s stock market debut.
The first trading of the stock exchange fund related to Bitcoin futures was done on Wall Street, which finally gave investors in cryptocurrencies what they were looking for, reports the American TV station CNN.
The ProShares Bitcoin Strategy ETF began trading at $40 a share on Tuesday, under the label “BITO,” and ended the day with a 5.0 percent raise.
This is the first fund of several expected ETFs that are preparing to debut with Bitcoin futures on the New York Stock Exchange.
VanEx, Invesco, Valkyrie, and Galaxy Digital are among several investment companies that have filed applications with the Securities and Exchange Commission to start trading Bitcoin ETFs, CNN states below.
Bitcoin has seen strong growth this month in anticipation of the fund’s stock debut and thanks to the fact that it is being bought by large institutional investors.
The value of this cryptocurrency has recovered, despite constant criticism from Jamie Damon, the general director of the investment bank “JPMorgan Chase”, who recently said that Bitcoin is “worthless”.
The price of the most famous coin exceeded 64,000 dollars on Tuesday afternoon, thus strengthening from the level recorded at the end of September of just under 44,000 dollars, which is an increase of over 40 percent.
Bitcoin is now just 1.0 percent away from its all-time high – just under $65,000 reached earlier this year.
Experts say that the ETF will bring Bitcoin closer to the masses and enable the average investor to participate in trading, without having to mine it himself.