First Bitcoin Futures ETF Trades Over $1 Billion On First Day

The ProShares Bitcoin Strategy ETF debuted with the second-highest trading volume of ETF launch history.

• First bitcoin futures ETF listed in the U.S. amassed over $1 trillion in trading volume in its first day of trading.
• The NYSE-listed ProShares Bitcoin Strategy ETF gained 4.85% from its $40 opening price, closing at $41.94.
• This was the second-biggest ETF debut of all time in terms of trading volume.

The ProShares Bitcoin Strategy exchange-traded fund (ETF) finished its first day of trading with a little over $1 billion of volume, under the ticker symbol $BITO, ranking as the second-biggest ETF debut of all time. The BlackRock U.S. Carbon Transition Readiness ETF holds the crown as the most significant influx in one day, with a $1,161,734,000 trading volume.

However, Bloomberg ETF analyst Eric Balchunas argues that the $BITO trading volume saw “easily the biggest day-one of any ETF in terms of ‘natural’ volume.” Additionally, he explains, $BITO also traded more than 99.5% of all ETFs, including big names like $DIA, $ARKK, and $SLV.

“Natural” volume means that the ETF did not receive seed capital, which is a reality for most ETFs as their day-one volume is pre-planned by a giant investor and therefore “don’t really represent grassroots interest,” according to Balchunas.

In either case, the first bitcoin futures ETF to list in the U.S. saw a very active first day of trading, closing at $41.94 with nearly 24 million shares traded — a 4.85% increase in its $40 opening price. As reported yesterday, yet another bitcoin futures ETF could go live this week.

Although investors wishing to get indirect bitcoin exposure through $BITO will have to wait until the NYSE reopens tomorrow, anyone can get direct bitcoin exposure right now. Bitcoin trades 24 hours a day, seven days a week, and opting for buying actual BTC is what enables true financial freedom.