Bitcoin Fund From ProShares Experiences Record Amount of Losses for ETF Industry in a Year

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In the year since its launch, ProShares‘ first US BTC futures ETF lost $1.2 billion in investors’ investment, marking the worst debut performance in the history of the exchange-traded fund industry, the FT reports.

The ProShares Bitcoin Strategy (BITO) started trading on the New York Stock Exchange on October 19, 2021. 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.

Commenting on the launch of BITO, the ProShares CEO Michael Sapir has called the event a milestone for the $8.4 trillion ETF industry.