Shares of the first U.S. bitcoin-linked exchange-traded fund rose slightly in their trading debut on Tuesday. The ProShares Bitcoin Strategy ETF, ticker ‘BITO,’ was last up about 3%. The fund tracks CME bitcoin futures, or contracts speculating on the future price of bitcoin, rather than the crypto itself. It’s meant to allow market participants to have access the bitcoin market and hedge and direct exposure to bitcoin pricing. That means investors in the ETF should expect the price and performance of the shares to differ somewhat from the price of bitcoin itself. This isn’t ideal for existing investors; many of them ... (full story)