ProShares Rolling Out First US Short BTC ETF on NYSE

On June 20, ProShares, one of the leading providers of Bitcoin (BTC) ETFs, issued a statement, indicating that it would be rolling out its Short Bitcoin Strategy ETF in the US today. The ETF will have an expanse ratio of 0.95%.

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According to the official announcement, the first short Bitcoin-oriented ETF will be reportedly trading on the New York Stock Exchange (NYSE), under the ticker BITI. The fund will provide traders the opportunity to earn money following the falling prices of various digital assets.

The official report dictates that BITI is developed to bring the “opposite of the performance of the S&P CME Bitcoin Futures Index.” On top of that, the ETF will supposedly assist investors in the United States in betting against BTC utilizing futures contracts.

Michael Sapir, CEO of ProShares, stated that Bitcoin (BTC) is not immune to price drops as this can be seen from the current collapse of a number of cryptocurrencies. He added:

“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.”

Last year, ProShares also fired up its first US Bitcoin futures ETF dubbed BITO. In fact, the ETF was marked as the most successful launch in history as the provider managed to earn over $1B in assets just in two days. Sapir concluded:

“With the additions of BITI and BITIX, ProShares and ProFunds will be the only fund families in the U.S. offering funds that allow investors to express their view on the direction of bitcoin—no matter whether they believe the price will go up or down.”

The initiative comes during the current crypto bear market. On June 19, the Bitcoin (BTC) price fell to a new 2022 low when it plummeted under $18,000, whereas Ethereum (ETH) hit an 18-month low and dropped under $1000 on Saturday.

However, it seems as though some investors are having a hard time launching their spot Bitcoin ETFs in the US as the United States Securities and Exchange Commission (SEC) keeps rejecting such proposals. For instance, back in May, the SEC shut down One River Management’s proposed BTC ETF due to its lack of proper investor protections.

In other news, 3iQ Digital Asset Management successfully rolled out BTC Feeder and ETH Feeder ETF on the global exchange Cboe Australia.

Aaron S., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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