ProShares Bitcoin ETF

The ProShares Bitcoin Strategy ETF (BITO), listed on the NYSE Arca and managed by ProShare Advisors LLC, is a landmark exchange-traded fund that debuted on October 19, 2021, as the first U.S. Bitcoin-linked ETF. Rather than holding Bitcoin directly, BITO seeks capital appreciation by gaining exposure to Bitcoin price movements primarily through futures contracts traded on the Chicago Mercantile Exchange (CME), supplemented by short-term instruments such as U.S. Treasury bills. The fund is benchmarked against the Bloomberg Galaxy Bitcoin Index, carries an annual net expense ratio of 0.95%, and offers investors a regulated, liquid, and transparent vehicle for Bitcoin exposure without requiring a crypto wallet or exchange account. With a market capitalization of approximately $1.75 billion and classified as a non-diversified ETF under the Investment Company Act of 1940, BITO is headquartered in Bethesda, Maryland, and is led by CEO Michael L. Sapir.