The offering is based on cash-settled, front-month CME bitcoin futures—monthly contracts with the nearest expiration date that trade on the Chicago-based CME exchange—and comes with a management fee of 0.95%, to be paid each year as a percentage of investment’s value.
The debut could not be more successful: after a mere two days of trading, the ETF had $1.1 billion under management and its trading volume topped $1.2 billion.
Many hope that the futures-based ETF will pave the way to ultimately launching a spot bitcoin ETF.
As of Friday morning, the crypto market appears to be taking a breather, 2.7% down on the day, with a $2.55 market capitalization.
On Monday, Facebook announced plans to hire 10,000 people in the European Union over the next five years to help build its metaverse, defining it as a set of virtual spaces where people can interact and engage with each other via virtual reality.
Critics have dismissed Facebook’s push to embrace the metaverse as a bid to distract from several ongoing problems plaguing the company.
Over the first three years of the Forbes Blockchain 50, Forbes’ list of billion-dollar companies making meaningful use of the technology popularized by bitcoin, has become a bellwether of institutional adoption.