The first U.S. ETF linked to crypto will begin trading on Tuesday, a milestone for the nascent digital-asset sector born in 2008.
Bitcoin has a chance of surging in the final few months of 2021, as the first exchange-traded fund pegged to the crypto appears set to launch on Tuesday.
Fund provider ProShares looked set to launch the Bitcoin Strategy ETF under the ticker “BITO” on Tuesday, becoming the first U.S. ETF linked to crypto, a milestone for the nascent digital-asset sector, which was born just back in 2008. Lee says that one of the two main factors likely to push bitcoin prices higher is the expectation that the launch of the new ETF will draw significant inflows. The second reason is that a fraction of investors are currently exposed to bitcoin and its ilk. with a new avenue to ownership likely to support further buying.
“We don’t know the exact number of households that own bitcoin in the U.S., but we know for sure that it is not as widely held as equities,” Lee said, in a Monday research note.
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