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US’ bitcoin ETF has broken all records in surpassing $1 billion of assets under management (AUM) within two days, faster than the decades long held record by Gold’s ETF which surpassed $1 billion within three days as pictured above.
“The Proshares BITO ETF is the fastest ETF ever to get to $1 billion dollars (two days). The second fastest was the first gold ETF (GLD) which got to $1 billion in five days. 3 years after the GLD ETF launched in 2004, the AUM was $10 billion. 5 years after launch it was at $75 billion,” Bitwise’s CIO said.
There’s going to be competition however with another futures ETF, Vaneck’s Bitcoin Futures ETF, expected to start trading this Monday.
While in Paris we’re goin to get the world’s first bitcoin mining ETF. Approved in August, the Melanion BTC Equities Universe UCITS ETF is listed to start trading tomorrow, Friday 22nd of October, on Paris’ NYSE Euronext stock exchange, which has some €5.6 trillion in listed assets.
It will trade under the ticker of BTC FP with a management charge of 0.75%, lower than the above ETFs.
The Exposure index is made up of primarily bitcoin miners like Argo Blockchain, Hut 8, or Bitfarms with this effectively being a way to invest in part of the mining sector in one go.
This is a fairly direct way of investing in bitcoin as a number of these stock traded miners hold their coins. Mara for example announced a further increase in their bitcoin holdings to 7,035 bitcoin as of October the 1st, now worth $450 million.
As they can raise funds from the stock market itself, they tend to have less pressure to sell their coins to fund business operations, so increasing bitcoin’s effective scarcity.
The ETF scene thus is becoming more diverse and more competitive as bitcoin enters the world’s biggest markets.