(Bloomberg) -- Pent-up demand for the first U.S. Bitcoin exchange-traded fund has driven assets held in the investment vehicle to more than $1 billion in just two days.
The ProShares Bitcoin Strategy ETF (ticker BITO) ended Wednesday with $1.1 billion under management after trading volume topped $1.2 billion, according to a press release. That's the quickest that an ETF has reached the $1 billion mark, Bloomberg Intelligence data show.
BITO's launch Tuesday was met with almost off-the-charts demand, ranking as the second heaviest-traded ETF debut on record. Data overnight showed inflows of $567 million in its first trading session. The product's settlement arrangements mean official flows arrive with a one-day lag.
The enthusiasm surrounding the fund has helped propel the world's largest cryptocurrency to an all-time high, with Bitcoin at one point nearing $67,000 on Wednesday. Other issuers are lining up to introduce their own products, with Bitcoin futures ETFs from VanEck and Valkyrie potentially coming to market this month.
BITO has climbed about 8.2% to $43.28 from its inception price of $40, according to data compiled by Bloomberg. It was little changed in pre-market trading at 5:20 a.m. in New York.
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