(Bloomberg) — Pent-up demand for the first U.S. Bitcoin exchange-traded fund drove assets held in the investment vehicle to more than $1 billion in just two days.
The ProShares Bitcoin Strategy ETF (ticker BITO) ended Wednesday with $1.1 billion under management after trading volume topped $1.2 billion, according to a press release. That’s the quickest that an ETF has reached the $1 billion mark, Bloomberg Intelligence data show.
BITO’s launch Tuesday was met with almost off-the-charts demand, ranking as the second-busiest debut on record. That enthusiasm helped propel the world’s largest cryptocurrency to an all-time high, with Bitcoin nearing $67,000 on Wednesday. Other issuers are lining up to debut their own products, with Bitcoin futures ETFs from VanEck and Valkyrie potentially coming to market this month.
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