By Elise Hansen (October 18, 2021, 8:47 PM EDT) — ProShares said Monday it will debut the U.S.’s first exchange-traded fund focused on bitcoin futures, marking another step toward bringing cryptocurrency-related products into the traditional financial sphere.

Maryland-headquartered ProShares said its ProShares Bitcoin Strategy ETF will start trading Tuesday on the New York Stock Exchange under the symbol BITO. The fund will invest “primarily” in bitcoin futures contracts, not the cryptocurrency itself, the announcement said.

The fund will make it easier for investors interested in Bitcoin to gain exposure to the cryptocurrency, without having to set up a digital wallet or an account at a cryptocurrency exchange, ProShares said.

“BITO will…

Source