Bitcoin's first ETF rises 2 % in its New York Stock debut

The actions of the first fund quoted in Bitcoin linked to US $ 395 million in their first hour of operation in the New York Stock Exchange, United States.See more in personal finances.

In its first hour on Tuesday, October 19, 2021, the ETF called Bito in New York Stock Exchange (NYSE), started at US $ 40 per share with an operation volume of US $ 395 million.The actions of the ETF Proshares Bitcoin Strategy (Bito) were at US $ 40.90 at the time this press report was written.

According to information from the CNBC.com news portal, this first ETF fund is not a reflection of the current price of Bitcoin but is associated with future contracts on the main cryptocurrency.According to the emission leaflet, the ETF includes 64 contracts for the future and 42 microfutur contracts of the Chicago Mercantile Exchange (CME).

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Bitcoin price chart on October 19, 2021

Bitcoin exceeds US $ 62,000

Although it is not directly related to the ETF, the news tried the current price of Bitcoin above US $ 62,000, with a maximum price of US $ 63,035, and approaching its maximum historical value of US $ 63,671, which was observed in April of2021.

“The fund seeks to provide a revaluation of capital mainly through the exposure managed to Bitcoins futures contracts.The background does not directly invest in Bitcoins, ”says the Proshares website on the background.The fund has an expense index of 0.95%.

Proshares is the eighth largest ETF supplier for assets, according to ETDB.com.The company is known for its funds that use the leverage to track movements in certain indices multiplied by a certain amount.Proshares executives played the Opening bell at the NYSE, where the ETF will quote.

La industria de la criptografía ha estado anhelando un ETF relacionado con bitcoin durante muchos años. Aproximadamente en 2017, los administradores de activos comenzaron a postularse para lanzar ETF de bitcoin al contado, pero sus propuestas fueron rechazadas por la Comisión de Bolsa y Valores, que sostuvo que ninguna pudo demostrar la resistencia del mercado a la manipulación. La avalancha de solicitudes de ETF basados ​​en futuros se produjo este año poco después de que el presidente Gary Gensler asumiera el mando de la agencia.

(With information from cnbc.com and cryptootics.com)

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