Worst start ever - Bitcoin Strategy ETF futures fund lost $1.2 billion in a year of existence

ProShares launched the first Bitcoin futures fund in the United States about a year ago. It was called Bitcoin Strategy ETF and started out quite successfully, but things changed very quickly.

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The fund took one week for its trading volume to surpass the $1 billion mark. However, investors lost $1.2 billion in its one year of existence, one of the worst starts in the history of the exchange-traded fund segment.

Despite the strong growth of Bitcoin-ETF securities at the beginning of the project, they ended up falling in price by 70%. Approximately $1.8 billion was invested in securities under the ticker BITO. After the strong drop in value, the fund's assets are now valued at approximately $624 million.

The Bitcoin Strategy ETF is not the only proprietary equity investment fund that has lost value. Case in point is the Global X Blockchain ETF, which also has something to do with cryptocurrency. Its stock is down 76% in a year. But in terms of size, this ETF is no match for the ProShares fund, as it only had a peak value of $125 million in assets.

Source: FT