ProShares will launch ETF aimed at shorting Bitcoin following dip under $20K
The firm behind one of the first Bitcoin futures-linked exchange-traded funds in the United States will give investors a new vehicle to bet against the price of the cryptocurrency.In a Monday announcement, exchange-traded fund issuer ProShares said its Short Bitcoin Strategy ETF would be available for trading on the New York Stock Exchange, or NYSE, starting Tuesday under the ticker BITI.
The vehicle will allow U.S. investors to bet against Bitcoin (BTC) using futures contracts, given the cryptocurrency’s performance in a single day as measured by the Chicago Mercantile Exchange Bitcoin Futures Index.“BITI affords investors who believe that the price of Bitcoin will drop with an opportunity to potentially profit or to hedge their cryptocurrency holdings,” said ProShares CEO Michael Sapir. “BITI enables investors to conveniently obtain short exposure to Bitcoin through buying an ETF in a traditional brokerage account.”The launch of the investment vehicle will come amid a bear market for major cryptocurrencies including Bitcoin and Ether (ETH).
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