Bitcoin futures ETF ProShares BITO reaches all-time high of over $2 billion assets

ProShares Bitcoin Strategy ETF (BITO), a bitcoin futures exchange-traded fund, amassed over $2 billion in assets and saw an all-time high. 

The fund reached $2,010,057,946 in assets at markets close on Jan. 8, ProShares global investment strategist Simeon Hyman told The Block. He added that BITO grew 10% in the last week from $1.8 billion on Jan. 2 and 18% within the last month from $1.7 billion on Dec. 9, 2023. 

"Many have pointed to speculation regarding a spot Bitcoin ETF as the driver of bitcoin’s price appreciation, but it’s worth noting that bitcoin was rallying for much of 2023 even in the face of the crypto-related bank issues in March, rising interest rates, and other 'challenges' at bitcoin exchanges," Hyman said.

"At the same time, the increased interest around bitcoin calls to mind that it can be challenging and expensive to obtain short exposure to cryptocurrencies. BITI and SETH, futures-based short bitcoin and short ether ETFs, respectively, are available in brokerage accounts today, and are the only ETFs in the U.S. for investors who seek an opportunity to profit when the price of bitcoin or ether declines," he continued.

New investments

In December 2023, Cathie Wood’s Ark Invest offloaded over $200 million in Coinbase shares through its ETFs. The firm purchased $92 million worth of BITO in late December, The Block previously reported.

The daily volume for BITO on Jan. 8 sits at $811.13 million, according to data compiled by The Block.