- ProShares will launch its short Bitcoin-linked ETF in the US on June 21.
- Alongside BITI, ProShares’ mutual fund affiliate ProFund will launch BITIX.
- In November 2021, ProShares also received an approval to launch the first Bitcoin-linked ETF in the US.
ProShares announced that it will be formally launching its short Bitcoin-linked exchange-traded fund (ETF) in the US on June 21. Named ProShares Short Bitcoin Strategy (BITI), this will become the first of its kind in the US.
According to a press release, ProShares’ new ETF offering will “address the challenge of acquiring short exposure to Bitcoin.” Michael Sapir, CEO of the ETF issuer, said:
“BITI affords investors who believe that the price of bitcoin will drop with an opportunity to potentially profit or to hedge their cryptocurrency holdings. BITI enables investors to conveniently obtain short exposure to bitcoin through buying an ETF in a traditional brokerage account.”
Aside from BITI, ProShares will also launch Short Bitcoin Strategy ProFund (BITIX) on the same date. This will happen via ProShares’ mutual fund affiliate ProFund.
For those who are unfamiliar with the above-mentioned financial instruments, an ETF is a type of investment fund that can be traded on stock markets. Essentially, people who trade or buy Bitcoin ETFs can leverage on BTC’s price on mainstream markets despite technically not owning bitcoins.
Later in 2021, ProShares also launched the first Bitcoin-linked ETF (BITO). This is the first of its kind approved by US regulators. Hence, BITO witnessed a trading volume of up to $1 billion in just 2 days.
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