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(Bloomberg) -- Around this time last year, the US’s very first Bitcoin-linked exchange-traded fund debuted, namely the ProShares Bitcoin Strategy ETF, which trades under the ticker BITO. The launch was a milestone for the digital-asset industry as it created an opportunity for more mainstream investors to dip into cryptocurrencies.
The ETF had a stellar start: it was the second-most heavily traded fund on record and gathered more than $1 billion in assets in record time. Back then, Bitcoin was trading at around $65,000 and retail investing in crypto was booming.
But in hindsight, the timing was… unfortunate. Just two months after its debut, Bitcoin started to crash. Soon after that, a collapse of crypto hedge funds and stablecoins sank the token’s trading value to about $20,000.
A year later, BITO has sunk over 70%. So, what now?
Bloomberg reporter Katie Greifeld joins Vildana Hajric for this episode to discuss BITO one year in.
Follow us on Twitter @crypto, and subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletterThis podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.
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