ProShares’ Bitcoin Strategy ETF (BITO) – a bitcoin futures fund offered in the U.S. – hit a high of $1.47 billion in assets under management (AUM) this week, surging past a record set in December 2021.

The surge indicates renewed institutional demand for bitcoin (BTC) from regulated and accredited investors, as a flurry of bitcoin spot ETF applications were filed in the U.S.

BITO, listed on the Chicago Mercantile Exchange (CME), allows investors to gain exposure to bitcoin-linked returns via a regulated product.

“Investor demand for BITO remains strong, as shown by the ETF reaching a new high in assets under management,” Simeon Hyman, global investment strategist at ProShares, said in a statement to CoinDesk. “We believe this speaks to the demand for a familiar, accessible and regulated way to target the returns of bitcoin.”

“BITO’s average daily trading volume of $160M since inception puts it in the top 5% of all U.S. ETFs,” Hyman added.

Unlike some other bitcoin futures ETFs, BITO closely tracks the asset's spot prices, which has likely added to its allure among traders. In June, investors poured in more than $65 million in a single week, making it the largest inflow in a year and breaking a previous 2023 high of just over $40 million in April.

Bitcoin prices have rallied in the past several months as various investment giants, such as BlackRock (BLK) and Fidelity, are waiting for U.S. regulators to approve the offering of bitcoin spot ETF to clients – a move widely expected to drive buying pressure for the asset.

Bitcoin traded at just over $37,600 as of Thursday morning, down 1.6% in the past 24 hours.

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