Bitcoin, the world’s largest cryptocurrency by market cap, has hit a new all-time high of above $67,000 breaking the previous record set in April 2021.
The rise in value has been fueled by the launch of the ProShares Bitcoin ETF, the first exchange-traded fund approved by the U.S. Securities and Exchange Commission (U.S. SEC).
The new fund, trading on the New York Stock Exchange (NYSE) saw about $1 billion of trading volume on the first day, making it the second-most heavily traded new ETF on record, according to Bloomberg.
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The ETF debut resulted in bitcoin gaining nearly 130% in 2021 so far marking a full recovery from the May 2021 drawdown.
Several more bitcoin futures-based ETFs are also set to debut on U.S. stock exchanges allowing investors to buy bitcoin futures contracts that replicate the cryptocurrency’s price performance over buying the actual asset.
The first of its kind in the U.S., the ProShares ETF offers investors the opportunity to gain exposure to returns of bitcoin with the ease of buying an ETF in a brokerage account.
The new ProShares Bitcoin ETF is currently trading under the $BITO ticker symbol.
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RECOMMENDED READING: Crypto Exchanges Hold 6.6% of Bitcoin Supply – One of the Lowest in History
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