The ProShares Bitcoin Strategy ETF (BITO) – the first bitcoin (BTC) ETF to launch in the United States – has topped a new record for assets under management (AUM) this week, now boasting nearly $1.5 billion in Bitcoin futures contracts.
The record signals eagerness among institutions to gain exposure to BTC before approval of a widely expected bitcoin spot ETF by January.
Bitcoin Funds Soak In Capital
BITO logged its previous record of $1.44 billion on November 10, 2021 – roughly three weeks after its initial launch, and the same day that BTC tapped an all-time high of $69,000.
The new record, set on Tuesday, brought that figure up to $1.47 billion, and coincided with BTC tapping a new yearly high of $38,300.
The fund has performed exceedingly well across the month, rising from $1.1 billion in AUM to $1.42 billion within the first ten days of November alone. While much of that appreciation was due to the rising price of BTC itself, Bloomberg ETF analyst Eric Balchunas said at the
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