The ProShares Bitcoin Strategy ETF (ticker BITO) is proving more popular than it can handle. The fund is already nearing its limit on the number of futures contracts that the Chicago Mercantile Exchange (CME) permits it to hold.
Over Popularity of ProShares ETF
According to data collected by Bloomberg, the ETF is already holding 1,900 futures contracts for the month of October alone. The CME limits the number of contracts it can hold in its front month to 2,000, meaning only 100 are remaining.
Meanwhile, ProShares also has 1,400 futures contracts for November to avoid breaching its limit. However, the CME also imposed an absolute limit of 5,000 futures contracts to be held at a time. Given that BITO has accrued well more than half of that within three days of its launch, It is likely to meet that threshold quite soon.
BITO – the first US Bitcoin Futures ETF – had the second most successful opening day in NYSE history. It traded $500 million within its first hour after launch and ne
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