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The ProShares Bitcoin ETF (BITO) is tradable on the NYSE, the New York Stock Exchange, but not exclusively.
Blue Ocean, the alternative to the NYSE
Unlike crypto markets, the New York Stock Exchange is not open 24/7, so BITO is not always tradable on the NYSE.
However, as Bloomberg reports, those who want to trade BITO outside of normal financial market hours can do so on Blue Ocean Technologies’ new alternative trading platform.
In fact, Blue Ocean allows its customers worldwide to trade this ETF between 8 PM and 4 AM New York time, as of last night.
Blue Ocean’s platform makes it possible for all of its clients, including those based in Asia, to trade BITO.
Blue Ocean’s president and COO, Brian Hyndman, reports that there are already other similar projects in the pipeline. He expects that there will also be other cryptocurrency-based products to be offered on their platform.
Successful launch of ProShares Bitcoin ETF
The ProShares Bitcoin ETF made its debut yesterday on the New York Stock Exchange to resounding success.
Over 24 million shares of the fund were traded in a single trading day at an average price of around $41. In total, therefore, a trading volume of almost a billion dollars was achieved on the first day alone.
As far as we know, this is the most successful ETF in 2021 in terms of volume traded on the first day, and the 15th most successful ETF ever in this respect.
More Bitcoin ETFs on the way?
Grayscale has also applied to issue an ETF on Bitcoin by converting its GBTC Trust, which holds an absolute 3% of all existing BTC in the world.
Yesterday’s resounding success of BITO has probably thrown the doors wide open for this type of product, as it can allow millions of investors to take a position on the price of Bitcoin with just a couple of clicks, without having to register to new platforms, perform identity verification, or worry about safely storing seeds and private keys to wallets.
As Tyler Winklevoss, co-founder of the crypto exchange Gemini, points out on Twitter, they first asked the SEC for permission to issue an ETF on Bitcoin in July 2013, when the price of BTC was $68. Yesterday, Bitcoin’s price surpassed $64,000, or almost a thousand times that.
When @cameron and I first proposed a bitcoin ETF in July 2013, the price of bitcoin was $68.
Today, upon the launch of two bitcoin futures ETFs, the price of bitcoin is $64,000.
That's almost a 1000x return in the meantime. I'm glad we got here, but it has taken too long.
— Tyler Winklevoss (@tyler) October 19, 2021
Winklevoss comments by saying:
“I’m glad we got here, but it has taken too long”.