ProShares, a premiere provider of ETFs based in Bethesda, launched the first bitcoin-linked ETF in the United States (NYSE Ticker: BITO) back on October 19th.
After the October launch, over $1 billion was invested into it in two days, making it the the fastest that any exchange-traded fund has reached that milestone.
ProShares CEO Michael Sapir was recently named in The Bloomberg 50– an unranked list annually featuring 50 individuals or initiatives with “the ability to move markets or shape ideas and policies”.
Sapir co-founded ProShares in 1997, close to the dawn of the now $7 trillion U.S. ETF industry, and the company now oversees more than $68 billion in assets.
His Bitcoin ETF tapped into pent-up demand from investors who want exposure to cryptocurrency without the inconvenience of mining it and the ups and downs of having it in their portfolios. (Bitcoin’s last three full-year returns were a 74% loss followed by gains of 95% and 305%.) Sapir already has competition: Currently there are about a half-dozen pending applications for similar futures-based products in front of the SEC.