ProShares’ Bitcoin Fund Loses $1.2 Billion
ProShares’ first US Bitcoin futures ETF lost $1.2 billion in investors’ investment in the year since its launch. As a result of that, we are talking about the worst debut performance in the history of the exchange-traded fund industry.
Remember that the ProShares Bitcoin Strategy (BITO) started trading on the New York Stock Exchange on October 19 last year. In the first 20 minutes, the volume of trading in shares exceeded $280 million.
Bloomberg analyst Eric Balchunas noted the company’s investment product entered the top 15 ETFs in terms of the most active starts in the first session.
ProShares CEO Michael Sapir called the event a milestone for the $8.4 trillion ETF industry.
Now, considering the fall in shares by 70% over this period, Morningstar Research Services has calculated the loss of investors has amounted to $1.2 billion.
