Bitcoin ETF’s Success Could Come at Fundholders’ Expense

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Since launching Tuesday, the ProShares Bitcoin Strategy ETF has amassed $1.2 billion in investor assets, the quickest billion-dollar fundraising on record. But that success is almost certain to come at fundholders’ expense, analysts say.

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has amassed $1.2 billion in investor assets, the quickest billion-dollar fundraising on record.

“For us, it creates more trading opportunities,” said James Koutoulas, chief executive of Typhon Capital Management, a nearly $200 million hedge fund that trades futures, including bitcoin. “It can cost you a lot of money to roll your bitcoin futures,” said Francisco Blanch, an analyst at Bank of America. “There’s an element of traders taking advantage of it, and an investor potentially losing out.”have already led ProShares to invest into the next month, analysts said—a decision that could reduce the stress of rolling this month’s contracts into the next one but that risks expanding the gap between the fund’s performance and bitcoin’s.

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