ProShares Bitcoin Strategy ETF may be in jeopardy of exceeding futures-contracts limit

Red-hot ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) is garnering too much interest too quickly, as the ETF is reportedly on track to exceed the amount of futures contracts allowable to have by the Chicago Mercantile Exchange. Bloomberg reported that after just two days of trading, BITO already owned about 1,900 contracts -- just under the 2,000 contracts that the CME says a single entity can hold. BITO also has accumulated 1,400 November contracts totaling 3,400 contracts. At the rate of increase BITO is witnessing, it already has some $1.1B in assets under management and is approaching the 5,000 maximum total contracts that the CME allows. According to the exchange's rules, spot-position limits "are set at 2,000 contracts. A position accountability level of 5,000 contracts will [also] be applied to positions in single months outside the spot month and in all months combined." Bloomberg noted that one solution for ProShares is to have its