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ProShares Prepares to Launch First ETF Allowing U.S. Investors to Bet Against Bitcoin

ProShares, one of the biggest providers of investment products, has announced the launch of the first short bitcoin exchange traded fund (ETF) in the U.S. ProShares...
ProShares Prepares to Launch First ETF Allowing U.S. Investors to Bet Against Bitcoin ProShares Prepares to Launch First ETF Allowing U.S. Investors to Bet Against Bitcoin

ProShares, one of the biggest providers of investment products, has announced the launch of the first short bitcoin exchange traded fund (ETF) in the U.S.

ProShares Launches Short Bitcoin ETF

The ProShares ‘Short Bitcoin Strategy’ (BITI), which will trade on the New York Stock Exchange, enables investors to make a profit by betting against Bitcoin (BTC). BITI has an expense ratio of 0.95%.

The release comes eight months after ProShares established the first U.S. bitcoin futures ETF, and as Bitcoin is staring down an almost 70% decline from its November 2021 all-time high.

Investors Can Earn in a Bearish Market

Since the end of 2021, Bitcoin has been unable to shake off the bearish trend of the market. The six-month-long downtrend has seen Bitcoin’s value droop to a paltry $17,000 for the first time since November 2020.

In reference to the prolonged downtrend, CEO Michael Sapir said in a press release on the launch of the new ProShares short ETF: “Recent times have shown, bitcoin can drop in value.”

Sapir added that “BITI affords investors who believe that the price of bitcoin will drop with an opportunity to potentially profit or to hedge their cryptocurrency holdings.”

On the Flipside

  • Analysts believe that BITI could find a place among the permabears that strongly believe Bitcoin will hit zero.

Why You Should Care

ProShares’ BITI is the first of its kind in the U.S. market, and could be the catalyst that triggers alternative investment groups to consider the viability of releasing short Bitcoin ETFs.

For insight into the launch of ProShares’ first ETF, read:

ProShares ETF Could Launch This Week

Learn more about the Bitcoin market crash below:

Crypto Fear and Greed Index Hits 7: Is It a Good Time to Buy Bitcoin?

Crypto Stocks Sell Off as Bitcoin Sinks

Continue reading on DailyCoin

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28-06-2022 16:42:26 (UTC+7)

EUR/USD

1.0584

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EUR/USD

1.0584

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GBP/USD

1.2261

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USD/JPY

135.88

+0.46 (+0.34%)

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AUD/USD

0.6949

+0.0026 (+0.37%)

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USD/CAD

1.2832

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EUR/JPY

143.84

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1.0100

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Gold Futures

1,827.25

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21.348

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3.8447

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111.14

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Euro Stoxx 50

3,566.65

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 EUR/USD1.0584↑ Sell
 GBP/USD1.2261↑ Sell
 USD/JPY135.88↑ Buy
 AUD/USD0.6949↑ Sell
 USD/CAD1.2832↑ Buy
 EUR/JPY143.84↑ Buy
 EUR/CHF1.0100↑ Sell
 Gold1,827.25Sell
 Silver21.348↑ Buy
 Copper3.8447↑ Buy
 Crude Oil WTI111.14↑ Buy
 Brent Oil112.68↑ Buy
 Natural Gas6.543↑ Buy
 US Coffee C223.70Sell
 Euro Stoxx 503,566.65↑ Sell
 S&P 5003,900.11↑ Buy
 DAX13,276.24↑ Sell
 FTSE 1007,336.65Neutral
 Hang Seng22,418.97↑ Buy
 Small Cap 20001,772.68↑ Buy
 IBEX 358,344.45↑ Sell
 BASF43.513Neutral
 Bayer59.99Neutral
 Allianz184.08Sell
 Adidas172.24↑ Sell
 Lufthansa6.120↑ Sell
 Siemens AG104.81↑ Sell
 Deutsche Bank AG8.993↑ Sell
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