Topline

On the back of the first day of trading for ProShares Bitcoin Strategy ETF, the first-ever bitcoin futures exchange-traded fund, the price of bitcoin surged to $64,145 as of 4 p.m., just shy of its previous high price of $64,899 achieved in April, while the ETF rose 4.72% during trading Tuesday.

Key Facts

* The ProShares Bitcoin Strategy ETF was a hit among investors during its trading debut, as “more than 20 million shares changed hands by around 2:54 p.m. in New York,” per Bloomberg.

* The ETF trades on the New York Stock Exchange under the ticker BITO.

* The price of bitcoin has been on a rapid upward trajectory this month, rising almost 50% from its September close of below $44,000.

Key Background

The idea of a bitcoin ETF is not new. Between 2013 and 2018, Cameron and Tyler Winklevoss petitioned the SEC twice to list a Bitcoin ETF, though the twins most famous for being embroiled in a Facebook founding controversy were rejected both times.

Crucial Quote

Anthony Bertolino, vice president at cryptocurrency investing firm iTrustCapital, told CNBC, “The launch of the first bitcoin-linked ETF in the U.S. will bolster the broader crypto market and help an entirely new investor class experience the benefits of BTC as a legitimate asset.”