Stock Track | ProShares Bitcoin ETF Soars 5% as Trump-Fueled Crypto Mania Sends BTC Past $97,000

Stock Track03:17

The ProShares Bitcoin Strategy ETF (BITO) surged more than 5% during intraday trading on Thursday, riding the wave of a broader crypto rally that saw Bitcoin itself climb above $97,000 for the first time.

The blistering gains for BITO and other Bitcoin ETFs come amid growing euphoria in the crypto markets following Donald Trump's victory in the 2024 U.S. presidential election. On the campaign trail, Trump embraced digital assets and vowed to make the United States "the crypto capital of the planet," sparking a speculative frenzy that has propelled Bitcoin higher by nearly 40% since Election Day.

Fueling the rally is a combination of factors, including massive inflows into Bitcoin ETFs, the launch of options trading for spot Bitcoin funds, and major institutional investors like MicroStrategy rapidly accumulating more Bitcoin. Total assets in U.S. spot Bitcoin ETFs topped $100 billion for the first time on November 21, with industry giants like BlackRock's iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) leading the inflows.

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