The first US bitcoin ETF was unveiled on Tuesday, capping an almost 10-years push for crypto-related products to emerge on Wall Street, according to a report by FT on Tuesday.
The ProShares Bitcoin Strategy ETF started trading on the New York Stock Exchange after the opening bell.
Even though similar ETFs are already trading in other countries, the listing in the US is a significant test of whether mainstream investors are ready to place cryptos alongside bonds, stocks, and other traditional assets in their portfolios.
Michael Sapir, chief executive of ProShares, stated that it is an essential milestone for ETFs, alongside the first equity ETF launched in 1993, the first fixed income ETF launched in 2002, and the first gold ETF in 2004.
Trading in the ProShares fund was aggressive in the New York morning, with over 9m shares exchanging hands in the hour after the opening bell.
That placed the fund on the list of five most actively traded ETFs, surpassing the popular Invesco QQQ product, which tracks most of America’s largest companies. BTC USD up +0.90%.