ProShares Bitcoin Futures ETF ‘BITO’ Hauls In $570M of Assets in Stock-Market Debut

The first ever exchange-traded fund (ETF), backed by bitcoin futures, brought in $570 million on its first day. This is a sign that investors are still hungry for the cryptocurrency.

The fund’s sponsor ProShares announced the amount of assets via an emailed notice sent by a representative. ProShares Bitcoin Strategy Fund launched Tuesday on New York Stock Exchange under ticker BITO. It had $20 million in seed capital as of Tuesday morning.

ProShares also reported that the fund saw $1 billion in trading volume its first day. According to ProShares, this made it the second most traded new ETF ever, according to Bloomberg.

At the close of stock market trading, the price of the fund rose to $41.94, up 4.9% from its initial $40 net asset value.

Dave Nadig is chief investment officer and director for research at ETF Trends. He stated that a lot of Tuesday’s trading volume was likely to have come from retail investors since there were not many large block trades the size that large institutional traders are used to.

In a telephone interview, Nadig stated that ‘This is likely going to be what everyone expected’, which is it’s an accessibility vehicle for certain market players. “There are many active participants in the markets that don’t want the crypto bridge alone.

Bullish signal

The launch of the new ETF came at a time when bitcoin’s price surged Tuesday, reaching a six-month high and climbing towards an all-time high of $65,000 set in April.

At press time, the cryptocurrency was trading at $63,839, an increase of 3.3% in the last 24 hours.

Matt Hougan (chief investment officer at Bitwise Asset Management) stated in emailed remarks that the strong first day showing “suggests that there is a large sum of capital that is still excluded form the crypto market simply due to it being difficult to access.”

Hougan stated that “that will change over the time, and that capital would enter the market,” “That’s a very bullish signal for long-term.”

Chief investment officer at Arca Funds Jeff Dorman wrote Tuesday in a newsletter that this was a long and difficult road for many. It is yet another sign that digital assets are becoming mainstream.

ProShares ETF is the first of its type in the U.S. and offers investors an opportunity to get exposure to bitcoin returns with the ease of purchasing an ETF from a brokerage account.

The U.S Securities and Exchange Commission (SEC approved ETF Friday. Other pending ETF proposals could also be approved by the SEC this week.

ProShares ETF invests in bitcoin futures contracts that are traded on the Chicago-based CME. It is not designed to directly invest in cryptocurrency.

The ETF won’t create any new demand for Bitcoin. Traders might purchase more bitcoin to hedge against futures prices or take advantage price disparities.

Valkyrie Investments CEO On Bitcoin: “Absolutely A Digital Store Of Value”

Leah Wald, CEO of Valkyrie Investments, was interviewed by Bloomberg Quicktake. She spoke about the bitcoin price which was hovering at $48,000 at the time.

Wald stated that if bitcoin can surpass $50,000 and keep this price, we expect this bull run will take it to near the tops in the fourth quarter. “I’m excited about October, and I’m excited about Q4.”

So far, her predictions have come true. Bitcoin has jumped above $50,000 since Tuesday. Around $27 million worth of BTC futures shorts had been liquidated. Today, it climbed to $55,000.

Wald also rejected Dimon’s claim that bitcoin has no intrinsic worth and is “a little bit fool’s gold”.

Wald stated that he didn’t believe it was fool’s gold. Wald stated, “I believe it is a wonderful digital asset and has done an amazing job in nailing the store of value narrative.”

She said that she believes we are still in the collectibles phase. It is becoming a strong monetary network and a digital storehouse of value.

Valkyrie Investments’ head also spoke out about the Federal Reserve’s recent actions regarding a central bank digital money (CBDC). She anticipates that the Federal Reserve will soon begin to review the pros and cons for a CBDC in America and invite public feedback on the digital currency.

Wald said that she believes the Bitcoin price would see a very bullish outcome if there was a digital currency.

“I believe that a digital dollar would strengthen and solidify the case for Bitcoin.

County to ask bitcoin operation to comply with zoning code

Monday’s vote by the Washington County Commission saw a request from a Limestone-based bitcoin mining company to conform to the appropriate zoning use or face potential litigation.

The commissioners ordered the county attorney to inform Red Dog Technologies, as well as the county planning director, that Red Dog Technologies’ cyber-mining operations are not in compliance with the zoning approved by BrightRidge last year.

“Let’s get to the root problem,” Commissioner Bryan Davenport said to his colleagues when he made the motion to take action. “Our attorney should write them a letter. It’s out of compliance. It is out of compliance.

After hearing complaints from residents of Limestone about the noise from the cooling fans and computers used in bitcoin mining, the commission started to address the issue in July.

Allyson Wilkinson, Washington County Attorney, stated to commissioners that the bitcoin mining operation isn’t being operated as a public service and is therefore not in compliance with the approved zoning. She suggested that the county and owners of adjacent properties could seek a court order as a legal remedy.

Red Dog representative Todd Napier stated earlier that the company had spent $500,000 to reduce noise levels at the property. This includes noise dampening louvers being installed near equipment and the construction of a 15-foot wall surrounding the facility.

Napier stated that decibel levels have fallen by almost 50% at the bitcoin mining site.

Commissioner Ken Huffine stated that he spoke to residents living nearby and they do not believe the problems are solved.

Monday, in other business

* The county and Jonesborough signed a lease-to-own agreement in 2019. These agreements were to construct a new K-8 school for $32.75 million. Washington County officials and county Board of Education members were informed earlier this month that the project would now cost $10M more than initially estimated.

Jonesborough Mayor Chuck Vest stated that construction costs and a lack of building materials have pushed up the project’s cost to $42,750,000. The amended agreement provides that the county will contribute an additional $464,050 annually to pay the $10 million extra over the next 30 year.

* The Commissioners accepted Sheriff Ed Graybeal’s resignation and began the process of naming an interim Sheriff to serve Graybeal’s term, until the voters vote on Aug. 4, 2022 to elect a new sheriff.

The Peace Officer Standards and Training Commission will verify the credentials of candidates for interim sheriff. The position will be filled by the board in November.

* The Jonesborough commissioners approved an interlocal agreement to establish a seven-member work crew. Officials said the plan would speed up construction and lower costs for county waterline projects within the town’s service region.

Funds from the American Rescue Plan Act will provide $425,000 to pay salaries and outfit the crew. Jonesborough officials will supervise the waterline crew.

* The commissioners approved $4.5 million in capital education funds to upgrade the football stadiums at Daniel Boone high schools and David Crockett. The county’s two high school will have synthetic turf installed and the home-side bleachers will be replaced.

Lopp’s Links For Learning Bitcoin

It is fascinating and multifaceted topic. This requires a lot of research. It has been a decade since I first attempted to understand it. I also tried to help others. Over the years, I kept coming up with the same questions over and over again. I began bookmarking resources to save time searching for them.

I eventually decided that it would be easier to just collect them all in one place. Thus was born in 2015 in support of the Bitcoin Special Interest Group I started. It started as a single page, with only a few links. Now it has 40 pages with subcategories and over 1,500 links.

This is my ongoing curation project to allow you to browse the many high-quality articles that have been written about bitcoin and other related topics over the years.

I will answer the why and how of bitcoin for those who are just starting. The whitepaper is a simple, non-technical English text that should be read by everyone. However, translations are available for dozens of languages.

While you can gain a good understanding of the network in a matter of minutes, a deeper dive into the protocol could take several weeks. Beyond the technical details, there are many questions and criticisms about the economics, game theory and the future development of the network. Bitcoin is so complex that many people have tried to explain why it’s so difficult to understand.

Although you won’t become an expert within an hour, day, or week of digesting the content from, you will be more prepared to use this technology.

Bitcoin: El Salvador divided over legal tender law

The measure was presented by the government as a way of boosting economic development and job creation.

Polls suggest Salvadorians are not prepared for the move, and the World Bank has warned against its adoption.

Analysts believe it is an “attention-seeking” move by an ‘authoritative system.”

Next week’s landmark day follows a vote by lawmakers in June to legalise the crypto-currency.

Businesses will have to accept Bitcoin or the US Dollar as payment under the country’s Bitcoin Law.

To convert dollars into Bitcoin, more than 200 cash machines have been installed in El Salvador.

To encourage citizens to use the national wallet accessible via an app, El Salvador’s government has offered $30 (PS22) worth of bitcoins for free.

Since the announcement, El Salvador has been divided.

Recent protests in San Salvador have shown a lack confidence among citizens. Many of them are still not familiar with crypto-currency.

The Central American University (UCA), in a survey, found that only 4.8% understood Bitcoin and its uses.

Over 68% of those interviewed said that they were against using crypto-currency to be a legal tender.

Over two million Salvadorian workers send money home to their families in other countries. Around 20% of the country’s GDP is made up of remittances.

People who support the move suggest that Bitcoin could make it cheaper to send money home.

Others, however, argue the opposite.

Glen Goodman, a crypto-analyst, warned that ‘an academic paper has shown that exchange costs could end up being even more expensive’.

“It’s also being imposed against small businesses’ wishes. A Chamber of Commerce survey found that 82.5% of respondents don’t want to receive Bitcoin remittances, due to its volatile and unpredictable price.

“If it isn’t broken, it would be fair to ask President [Nayib] Buke why he is trying so hard to fix it. “I have not yet heard a convincing answer,” Mr Goodman said.’s chief market analyst Neil Wilson says that the nation’s poorest will likely be the ones who are most affected by the move.

“El Salvador is small in terms of its economy,” he said. He said that this was a ploy to get attention from the autocratic regime.

“Bitcoin is an intrinsically poor payment method because it is very expensive for small transactions.

Bitcoin, a virtual currency that has no direct link to the real economy and which has seen large fluctuations in its value over the years, is a great example of this.

After a crackdown by China and Elon Musk’s Tesla decision not to accept it anymore as payment, the price dropped sharply in May.

However, it has since recovered, rising above $50,000 (PS36,000) for the first time in three months in late August.