Bitcoin has gone public.
Proshares Bitcoin Strategy ETF ($BITO) debuted on Tuesday and closed the day at $41.94 per unit. Bitcoin cracked the $64,000 mark and was as high as $64,367.
In total, BITO trade volume was over $1 billion, and is the second-largest ETF debut of all time (The BlackRock U.S. Carbon Transition Readiness ETF still has the highest in one day, with a $1,161,734,000 trading volume).
Bloomberg ETF analyst Eric Balchunas tweeted that the $BITO trading volume saw "easily the biggest day-one of any ETF in terms of 'natural' volume."Additionally, he explains, $BITO also traded more than 99.5% of all ETFs, including big names like $DIA, $ARKK, and $SLV.
"Natural" volume means that the ETF did not receive seed capital, which is a reality for most ETFs as their day-one volume is pre-planned by a giant investor and therefore "don’t really represent grassroots interest," according to Balchunas.
With over 24 million shares traded, it’s hard to argue the high level of interest in the new Bitcoin ETF, at least on day one.
And while the Proshares bitcoin ETF had a remarkable first day, Bitcoin (BTC) spot markets also rampaged on October 19. Bitcoin’s market cap hit over $1.2 trillion on Tuesday and there was over $42.4 billion in global trade volume throughout the day.