Around this time last year, the very first Bitcoin-linked exchange-traded fund debuted - the ProShares Bitcoin ETF, which trades under the ticker BITO. The launch marked a milestone for the digital-asset industry: It opened up the opportunity for more mainstream investors to dip their toes into cryptocurrencies.
The ETF had a stellar start: it was the second-most heavily traded fund on record, and it gathered more than $1 billion in assets in record time. Back then, Bitcoin was trading at around $65,000 and retail investing in crypto was booming.
But in hindsight, the timing was … unfortunate. Just two months after its debut, Bitcoin started to crash. Soon after that, a collapse of crypto hedge funds and stablecoins dropped the coin’s trading value to about $20,000.
Now, BITO has sunk over 70%. Could its future hold more promise? Bloomberg reporter Katie Greifeld joins Vildana Hajric for this episode around BITO one year in.
This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.
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