ProShares to Launch First U.S. Reverse Bitcoin ETF

ProShares to Launch First U.S. Reverse Bitcoin ETF

ProShares will launch the first /></p><p>Asset manager ProShares has announced plans to launch the first U.S. reverse bitcoin exchange-traded fund that allows investors to short cryptocurrencies.</p><p>According to According to the press release, the ProShares Short Bitcoin Strategy ETF (ticker BITI) will provide an opportunity to hedge risks and profit from the decline in the price of bitcoin.</p><p>A subsidiary of ProFunds, in turn, will launch another product, the Short Bitcoin Strategy ProFund (ticker BITIX).</p><blockquote class=

“With the addition of BITI and BITIX, ProShares and ProFunds will become the only fund families in the US to offer funds that allow investors to express their opinion on the movement of bitcoin – whether they believe the price will go up or down,” said CEO Michael Sapir.

In April 2021, the world's first reverse bitcoin ETF launched Horizons ETFs Management in Canada. Prior to this, the authorities of the country approved exchange-traded funds based on digital gold and Ethereum.

What is a Cryptocurrency ETF?

In October 2021, the first US Bitcoin futures started trading on the New York Stock Exchange -ETF from ProShares under the ticker BITO. In the same month, the firm requested an exemption from trading limits.

By the end of November, the instrument took 95.5% of the market.

In December, the company filed an application with the US Securities and Exchange Commission for launch of an exchange-traded fund focused on the metaverse.

Recall that at the end of March 2022, Arcane Research analysts reported that ProShares increased its position in bitcoin-ETF to a record 28,000 BTC.

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