The cryptocurrency industry achieved a milestone Tuesday when the “BITO” ticker appeared at the New York Stock Exchange for the first time, CNBC reports. The futures exchange-traded fund, launched by ProShares, doesn’t allow direct investments in bitcoin, but is still viewed as a step toward those types of funds. ProShares CEO Michael L. Sapir wrote in a statement Monday that this ETF will increase exposure to bitcoin and appeal to investors who are “comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider … or are concerned that these providers may be unregulated and subject to security risks.” The Securities and Exchange Commission has rejected all applications for funds that allow traders to buy the cryptocurrency, but more futures-based ETFs are appearing likely. Other bitcoin futures ETFs from Valkyrie, Invesco and Van Eck are lined up to be reviewed in October before going through a 75-day waiting period, during which the SEC could intervene. The ProShares ETF became the second-most heavily traded fund on record in its debut Tuesday, Yahoo Finance reports. It rose about 4.9% to $41.94 on its first day.
