First Short Bitcoin ETF
According to a statement on Monday, the ProShares Short Bitcoin Strategy ETF would allow investors to take advantage of a decline in the price of BTC or hedge their crypto exposure. As markets reopen after the June 19 holiday, the product will launch on Tuesday under the symbol BITI.
BITI will aim to deliver the opposite performance of the S&P CME Bitcoin Futures Index. He will gain exposure through bitcoin futures. Although this is the first of its kind in the United States, other short exchange-traded products (ETPs) are currently available from Europe to Canada.
Direxion applied to the list of similar products
The company applied for listing of BITI in early April, while leveraged ETF provider Direxion applied for listing of a similar product. There has been no update on the status of Direxion’s application.
ProShares was the first issuer to provide a US-based crypto ETF with the launch of its ProShares Bitcoin Strategy ETF. It reached around $1 billion in volume on its first trading day in October 2021