(PatriotWise.com)- The first-ever exchange-traded fund, or ETF, associated with cryptocurrency Bitcoin has finally debuted on Wall Street. And it’s historic.
An ETF, if you’re unaware, is a collection of shares that give investors an opportunity to hold different assets in one, indexed form. On Tuesday, the ProShares Bitcoin Strategy ETF, which goes under the ticker “BITO,” launched on Wall Street and rose to a price of $41.65 – an increase of 4.1%.
Some 21.4 million shared of the new ETF were sold very quickly, worth over $890 million. It is one of the most highly traded fund debuts in history, indicating the huge amount of potential and support that the cryptocurrency has.
The launch is being watched closely by Wall Street and investors. For a long time, bankers have been looking for a way to sell securities that are linked to BitCoin. This is finally it.
ProShares chief executive Michael Sapir said that there is a “multitude of investors” who have brokerage accounts and who are comfortable buying ETFs and stocks and that they are confident this new idea “will appeal to them.”
After the news of the ETF was reported, BitCoin reached an all-time high (ATH). The cryptocurrency shot past $65,000 and continues to be on an upwards trend.
Is BitCoin not just the future of currency, but the future of investments, too?