Savings App Acorn Now Allows Investing in Bitcoin ETF
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Acorn, an automated savings fintech app, now allows its users to add a percentage of the Bitcoin ETF — ProShares Bitcoin Strategy (BITO) — to their portfolio. The company said in an announcement that exposure to bitcoin (EXANTE: Bitcoin) can help "further diversify" portfolio for the long-term. Acorn highlights that bitcoin, like other assets with "low correlation" tends to move in different directions.

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The company says it ranges crypto exposure depending on client's risk tolerance. If a client is in the "Conservative" portfolio, their target Bitcoin ETF investment will be 1% of their overall portfolio, while the "Aggressive" portfolio will set 5% exposure to the ETF.

Grayscale Wants to Convert its Bitcoin Fund Into an ETF

The US Securities and Exchange Commission (SEC) approved the first US bitcoin futures exchange traded fund (ETF) from ProShares in October last year. ProShares's ETF is based on futures contracts under mutual fund rules. These rules, according to SEC head, Gary Gensler, provide "investor protections." While the ETF does not invest in bitcoin (EXANTE: Bitcoin) directly, it provides capital appreciation through actively managed exposure to bitcoin futures contracts.

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