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NYSE: First Bitcoin Futures ETF rises 2%

Mohamed Abdelhamid 19 October, 2021 8:05 pm Cryptocurrency, Market Update

Shares of the first U.S. bitcoin-linked fund rose slightly on their first trading appearance on Tuesday.

The ProShares Bitcoin Strategy ETF, ticker ‘BITO,’ jumped 3% when trading began and last traded 2.3% higher at $40.94. The fund tracks CME bitcoin long awaited futures, or contracts speculating on the future price of bitcoin, rather than the crypto itself.

Investors in the ETF expect the price and performance of the shares to differ from the price of bitcoin itself.

The price of bitcoin briefly popped Tuesday morning after trading began, jumping 3% to $63,035.04, and nearing its highest high from April 14th at $64,899 before pulling back. Bitcoin futures gained about 2% as well.

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