"ProShares Bitcoin Strategy ETF (BITO) Sets New Record, Surpassing $2 Billion in Assets
"ProShares Bitcoin Strategy ETF (BITO) has recently achieved a milestone by surpassing $2 billion in assets, marking an all-time high. The fund's assets reached $2,010,057,946 as of the market close on January 8th. According to ProShares Global Investment Strategist Simeon Hyman, BITO has experienced significant growth, expanding by 10% over the past week from $1.8 billion on January 2nd and by 18% in the last month from $1.7 billion on December 9, 2023. Despite speculation linking bitcoin's price surge to the anticipation of a spot Bitcoin ETF, Hyman noted that bitcoin demonstrated a strong upward trend throughout 2023, overcoming challenges such as crypto-related bank issues, rising interest rates, and other obstacles at bitcoin exchanges. Moreover, the growing interest in bitcoin underscores the difficulty and cost associated with obtaining short exposure to cryptocurrencies. Hyman highlighted that BITI and SETH, futures-based short bitcoin and short ether ETFs respectively, provide investors with the unique opportunity to profit when the prices of bitcoin or ether decline. These ETFs are currently available in brokerage accounts and are the sole options in the U.S. for those seeking short exposure to these digital assets."
