In Tuesday morning trading, the ProShares Bitcoin Strategy ETF (NYSE: BITO) made its debut, marking a monumental occasion in the developing story of cryptocurrency regulation. The fund, which tracks CME bitcoin futures, or contracts speculating on the future prices of bitcoin, rose by roughly 3% early in the session and continues to hold those gains at time of publishing.
The crypto sector as a whole has pursued a bitcoin-focused ETF for years now, with asset managers submitting proposals for spot bitcoin ETFs as early as 2017. To date, however, the U.S. Securities and…
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