Saudi Press

Saudi Arabia and the world
Thursday, Oct 02, 2025

The first bitcoin ETF finally begins trading

The first bitcoin ETF finally begins trading

Cryptocurrency investors finally got what they've been clamoring for as the first bitcoin-linked, exchange-traded fund launched Tuesday.

The ProShares Bitcoin Strategy ETF began trading at $40 a share under the ticker symbol "BITO" and finished the day up 5%. The ProShares fund is the first of what is expected to be several ETFs that track bitcoin futures to debut on Wall Street.

VanEck, Invesco, Valkyrie and Galaxy Digital are among several investment firms that have applied with the Securities and Exchange Commission to launch bitcoin ETFs.

Bitcoin has surged in value this month in anticipation of the fund's debut and thanks to the fact that more big institutional investors are buying it. The cryptocurrency has rallied despite continued criticism from JPMorgan Chase (JPM)CEO Jamie Dimon, who recently dubbed it "worthless."

Prices topped $64,000 Tuesday afternoon, up from just below $44,000 at the end of September, a more than 40% surge.

Bitcoin is now within 1% of its all-time high of a little less than $65,000 earlier this year.

"The ETF approval is a watershed moment for the industry," Bitcoin Foundation chairman Brock Pierce said in a statement to CNN Business. "This moment is long-awaited, as numerous entrepreneurs and firms have sought approval from regulators since as early as 2013."

"Today begins an era where retail investors can invest directly into Bitcoin through the ETF, and serves as further validation of Bitcoin and cryptocurrencies across the country and on a global basis," Pierce added.

Making bitcoin more available to the masses


Bitcoin bulls argue that having an ETF will make it easier for average investors to take part in the crypto market, without having to mine bitcoin themselves.

"We believe a multitude of investors have been eagerly awaiting the launch of a bitcoin-linked ETF after years of efforts to launch one," ProShares CEO Michael Sapir said in a statement Monday.

"BITO will open up exposure to bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider," Sapir said.

It's important to note that the ProShares ETF — as well as any others that may get SEC approval going forward — invests in bitcoin through futures contracts. That means that investors buying into the fund will not own any actual bitcoin.

But another asset manager, Grayscale, announced plans Tuesday to file to convert its Grayscale Bitcoin Trust (GBTC), which was mainly geared towards high net worth accredited investors, into an ETF that would hold bitcoin at its spot (or market) price.

"We believe that if regulators are comfortable with ETFs that hold futures of a given asset, they should also be comfortable with ETFs that offer exposure to the spot price of that same asset," Dave LaValle, global head of ETFs at Grayscale Investments said in a press release. "GBTC proves that there's strong investor demand for physically-backed bitcoin investment vehicles."

Still, having any type of bitcoin ETF available could attract more new cryptocurrency investors. Some may have been staying on the sidelines, even though there are now more opportunities to trade cryptocurrencies through firms such as Coinbase or Robinhood.

"The availability of a Bitcoin futures ETF is a big step for bitcoin awareness and regulation for the crypto industry," Christine Brown, chief operating officer at Robinhood Crypto, said in an email to CNN Business. "After the SEC previously rejected several applications for these types of funds, the ETF going live on brokerages opens the door for a new group of investors."

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
New Eye Drops Show Promise in Replacing Reading Glasses for Presbyopia
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
Top AI Researchers Are Heading Back to China as U.S. Struggles to Keep Pace
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Trump and Starmer Clash Over UK Recognition of Palestinian State Amid State Visit
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Sam Altman sells the 'Wedding Estate' in Hawaii for 49 million dollars
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Did the Houthis disrupt the internet in the Middle East? Submarine cables cut in the Red Sea
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
×