BITO did it in just two days, breaking a 17-year-old record held, ironically, by GLD.

The ProShares Bitcoin Strategy ETF has become the fastest exchange-traded fund ever to reach $1 billion in assets under management after just two days of trading. The previous record holder, aptly, was SPDR Gold Shares ETF, a gold-backed fund that launched back in 2004—17 years ago—and hit the billion-dollar mark in three days, which at the time blew people’s minds. “No one has really come that close since,” Bloomberg’s senior ETF analyst Eric Balchunas noted yesterday.

But America’s first bitcoin-futures ETF has reached that milestone in just two days.

An additional bragging right: Bloomberg says BITO is also the second-most-traded fund of all time, having already surpassed $2 billion in trading volume.ADVERTISEMENT

BITO launched as a way to make bitcoin more mainstream, an alternative for investors eager to ride the crypto wave who are leery of direct exposure. In theory, it cuts risk by investing in bitcoin futures contracts, as opposed to actual bitcoin, though this also means shares don’t necessarily track with bitcoin’s cash price.

The frenzy, however, has led to a great week for cryptocurrency. The flood of assets has caused bitcoin’s price to surge, to a new all-time high of $67,000 yesterday. Other bitcoin futures ETFs are imminent, including a fund from Valkyrie that’s set to start trading tomorrow and one from VanEck that’s expected to go live early next week. Meanwhile, other cryptocurrencies are right on bitcoin’s heels: Ether’s price has also soared to a near-record high this week, leaving some analysts to predict its turn for an ETF may be next.

Source https://www.fastcompany.com/90688841/bito-etf-bitcoin-price