Financial

Bethesda-based CEO Behind First Bitcoin ETF Makes Bloomberg’s 50 Global Influencers List

MBS Staff

While Montgomery County is better known for biotech and hospitality, it also has a significant and thriving financial sector. In one of the latest waves the sector is making; on October 19 Bethesda-based ProShares made history by launching the first bitcoin linked ETF in the United States. Called BITO (NYSE Ticker: BITO), the ETF enables bitcoin to be traded like a stock and is linked to bitcoin futures including fund holdings from CME Bitcoin Futures (BTCV1) and CME Micro Bitcoin Futures (BMRV1).

CEO Michael L. Sapir was named to Bloomberg Business week’s 2021 Bloomberg 50, an unranked annual list of innovators, entrepreneurs, and executives who have revolutionized the global business environment in the previous year according to a report.

“It is a real privilege to be recognized among the icons and innovators of the 2021 Bloomberg 50,” said Mr. Sapir. “I’m honored to have my name included alongside such an illustrious and diverse group of global leaders.”

ProShares accomplished what other companies could not, it maneuvered past SEC regulations to introduce the first Bitcoin ETF in October, and efforts paid off where investors poured more than $1 billion into the fund in less than two days. It’s another historic milestone and a record as the fastest growth of a fund ever.

With headquarters now at 7272 Wisconsin Ave in the brand-new office building called The Wilson, ProShares started in 1997 at the cusp of the ETF market, it now manages more than $68 billion in assets according to Bloomberg.