Solo 401k and IRA investors will now have the option to invest in bitcoin through the first ever bitcoin exchange-traded fund. The first-ever “Bitcoin futures ETF” is now available after 8 years in the making (the Winklevoss twins first applied for it back when bitcoin was only at $90). This week the ProShares Bitcoin Strategy fund (BITO) listed on the New York Stock Exchange and the SEC concluded its 75-day review.
Since the BITO can be bought and sold on major exchange like the New York Stock Exchange, solo 401k and IRA investors will be able to easily trade it through a brokerage account from a major brokerage firm such as Fidelity Investments, Charles Schwab, TD Ameritrade, and E-TRADE, to name a few.
Proshares BITO invests in BTC futures, which are a bundle of contracts to buy BTC at a future date for a specific price. BTC futures tend to be correlated with bitcoin prices (meaning they roughly move up and down together), but they aren’t exact mirrors of each other.