The crypto markets topped $2 trillion for the first time since May last week, with Bitcoin hitting over $49,000 on Friday. The crypto markets have been up all month after falling below $30,000 in July. Despite intensified discussion around regulation in Congress this month, crypto proponents have remained hopeful.
The second-largest mortgage lender in the U.S., UWM Holdings Corp (UWMX), also announced plans to begin accepting Bitcoin this year.
Meanwhile, Coinbase Global announced plans to buy $500 million in crypto as well as allocate 10% of its quarterly profits into crypto assets. Coinbase CEO Brian Armstrong said on Twitter that over time he hopes more of the business can be operated in crypto.
BTCFX Shows Steady Growth
The booming market has been good for the newest additions to the crypto investment marketplace.
The ProShares Bitcoin Futures Mutual Fund (BTCFX), which launched at the end of July has seen consistent growth since its launch.
BTCFX tracks the CF Bitcoin-Dollar US Settlement Price Index. Rather than holding Bitcoin directly, the fund aims to give investors exposure to Bitcoin via futures contracts traded on the Chicago Mercantile Exchange CME.
ProFunds CEO Michael L. Sapir said in a statement at the time of the fund’s launch that the fund will make it easy for investors to include crypto in their portfolios by using an investment vehicle that most investors are familiar with.
Recent comments by SEC chair Gary Gensler on his favorable view of investment vehicles focused on Bitcoin futures have had many shifting their focus to futures-based products. Over five issuers have filed this month for Bitcoin futures ETFs.
Although approval for such products may be far off, BTCFX’s early gains show investors are eager for products with exposure to Bitcoin in any form.
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