Around this time last year, the very first Bitcoin-linked exchange-traded fund debuted -  the ProShares Bitcoin ETF, which trades under the ticker BITO. The launch marked a milestone for the digital-asset industry:  It opened up the opportunity for more mainstream investors to dip their toes into cryptocurrencies. 

The ETF had a stellar start: it was the second-most heavily traded fund on record, and it 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 dropped the coin’s trading value to about $20,000. 

Now, BITO has sunk over 70%. Could its future hold more promise? Bloomberg reporter Katie Greifeld joins Vildana Hajric for this episode around BITO one year in.

This 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.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter

Around this time last year,<a href="https://www.bloomberg.com/news/articles/2021-10-19/proshares-bitcoin-futures-etf-starts-trading-in-watershed-moment"> the very first</a> Bitcoin-linked exchange-traded fund debuted -  the ProShares Bitcoin ETF, which trades under the ticker BITO. The launch marked a milestone for the digital-asset industry:  It opened up the opportunity for more mainstream investors to dip their toes into cryptocurrencies. 
The ETF had a stellar start: it was the <a href="https://www.bloomberg.com/news/articles/2021-10-19/proshares-bitcoin-futures-etf-starts-trading-in-watershed-moment">second-most</a> heavily traded fund on record, and it gathered more than $1 billion in assets in record time. Back then, Bitcoin was trading at around <a href="https://www.bloomberg.com/news/articles/2021-10-19/proshares-bitcoin-futures-etf-starts-trading-in-watershed-moment">$65,000</a> 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 dropped the coin’s trading value to about $20,000. 
Now, BITO has sunk <a href="https://www.bloomberg.com/news/articles/2022-10-22/the-bitcoin-futures-etf-at-1-1-8-billion-lured-over-half-lost">over 70%</a>. Could its future hold more promise? Bloomberg reporter <a href="https://www.bloomberg.com/authors/AS35L0tDv_U/katherine-greifeld">Katie Greifeld</a> joins Vildana Hajric for this episode around BITO one year in.
This 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.
Subscribe to the Bloomberg Crypto Newsletter at <a href="https://bloom.bg/cryptonewsletter">https://bloom.bg/cryptonewsletter</a>

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Bloomberg Crypto

Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. Bloomberg journalists will help cut through all the noise and provide clarity, context and authority.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. Bloomberg journalists will help cut through all the noise and provide clarity, context and authority. In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Assessing BITO One Year In

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/7cc0056b-ca2e-42fd-834a-af4e017a0b69/transcript

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