ProShares Launches Reverse Bitcoin ETF
Asset manager ProShares has announced the imminent launch of the first U.S. reverse exchange-traded Bitcoin fund.
According to a press release, ProShares, through a fund called the Short Bitcoin Strategy ETF (ticker symbol BITI), will provide investors with the opportunity to capitalize on the decline in the price of digital gold.
And its subsidiary, ProFunds, will launch another profitable product called Short Bitcoin Strategy ProFund (ticker BITIX).
According to the head of the company, Michael Sapir, after the release of BITI and BITIX to the market, ProShares and ProFunds will be the only ones who will provide investors with the opportunity to freely express their opinion on the movement of the Bitcoin price, regardless of the rise or fall of the first cryptocurrency.
ProShares was one of the first companies to provide the opportunity to invest in crypto ETFs. On the first day on the market, its first exchange-traded fund, the Bitcoin Strategy ETF, posted the highest “natural” trading volume of $1 billion.
And most recently, the company announced plans to launch an exchange-traded fund with a focus on the metaverse and filed a corresponding request with the US Securities and Exchange Commission (SEC).