ProShares to launch the first inverse Bitcoin ETF in the United States

The asset-management firm ProShares объявила о планах запустить первый в США обратный биржевой биткоин-фонд, который позволяет инвесторам открывать короткие позиции по криптовалюте.

According to the press release, ProShares Short Bitcoin Strategy ETF (ticker BITI) will give investors the ability to hedge risks and profit from a decline in Bitcoin’s price.

The subsidiary ProFunds, in turn, will launch another product — Short Bitcoin Strategy ProFund (ticker BITIX).

“With the addition of BITI and BITIX, ProShares and ProFunds will become the only fund families in the United States offering instruments that allow investors to express their view on Bitcoin’s movement—whether they think the price will go up or down,” said the company’s CEO Michael Sapir.

In April 2021, the world’s first inverse Bitcoin ETF launched Horizons ETFs Management in Canada. Prior to that, the country’s authorities had approved exchange-traded funds based on digital gold and Ethereum.

In October 2021, trading on the New York Stock Exchange began for the United States’ first futures-based Bitcoin ETF from ProShares under the ticker BITO. In the same month the firm requested relief from trading limits.

By the end of November the instrument captured 95.5% of the market.

In December the company filed an application with the U.S. Securities and Exchange Commission to launch a metaverse-oriented exchange-traded fund.

Earlier in March 2022, Arcane Research analysts reported that ProShares had increased its position in the Bitcoin ETF to a record 28,000 BTC.

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