ProShares' bitcoin futures fund becomes the fastest ETF to top $1 billion in assets under management

• The ProShares Bitcoin Strategy Fund is the fastest ETF to eclipse $1 billion in assets under management.
• The bitcoin futures ETF hit $1.1 billion in AUM after its second full day of trades.
• The prior record holder was the SPDR Gold Shares ETF, which took three days to hit $1 billion in AUM in 2004.

Investor demand for the first bitcoin futures ETF is off the charts and setting records, according to data from Bloomberg.

After just two days of trading, the ProShares Bitcoin Strategy ETF already has $1.1 billion in assets under management, making it the fastest ETF ever to eclipse the $1 billion mark. The fund also is the second biggest ETF launch ever as measured by trading volume.

The bitcoin ETF topped the prior record holder, the SPDR Gold Shares ETF, which hit $1 billion in assets in three days when it launched in 2004. It's fitting that a bitcoin fund knocked off a gold fund as the fastest ETF to hit $1 billion in assets, given that bitcoin is often touted as a better inflation hedge than gold.

The surge in assets came amid a surge in the price of bitcoin, which hit a new record of about $67,000 on Wednesday.

And the first-mover advantage for ProShares already translates into big business for the fund company. With an annual expense ratio of 0.95%, the ProShares Bitcoin Strategy ETF is on track to deliver annual revenue of at least $10 million to the company if the fund maintains at least $1 billion in assets.

But other bitcoin futures ETFs are set to hit the market in the coming weeks, including a fund from VanEck, which is expected to launch next week.