ProShares Bitcoin Strategy ETF (BITO) experienced a significant increase in assets under management on January 8, approaching its all-time high of $2 billion. On the same day, the fund's trading volume exceeded $800 million. Launched in October 2021, BITO made history as the first Bitcoin futures exchange-traded fund (ETF) in the United States. 🚀

Due to the lack of spot Bitcoin ETFs, products investing in BTC futures have increased in popularity. Soon after, BITO reached $1 billion in assets, indicating strong demand for crypto-related investment vehicles. 😮

However, the fund's asset base dropped to as low as $500 million following the crash of the FTX crypto exchange in November 2022. In recent months, BITO has experienced a significant reversal, supported by significant inflows along with the Bitcoin rally.

The latest milestone comes amid rising expectations for the approval of spot Bitcoin ETFs in the US and renewed interest in BTC-related investment vehicles. Last month, Cathie Wood's ARK Invest liquefied approximately $45 million in GBTC shares and over $150 million in Coinbase stocks. A significant portion of the proceeds from the GBTC sale, totaling $100 million, were used to purchase the Bitcoin Futures ETF BITO.

After this move, ARK became the second largest owner of BITO.