ProShares Launches Short Bitcoin ETF
The ProShares ‘Short Bitcoin Strategy’ (BITI), which will trade on the New York Stock Exchange, enables investors to make a profit by betting against Bitcoin (BTC). BITI has an expense ratio of 0.95%.
The release comes eight months after ProShares established the first U.S. bitcoin futures ETF, and as Bitcoin is staring down an almost 70% decline from its November 2021 all-time high.
Investors Can Earn in a Bearish Market
Since the end of 2021, Bitcoin has been unable to shake off the bearish trend of the market. The six-month-long downtrend has seen Bitcoin’s value droop to a paltry $17,000 for the first time since November 2020.
In reference to the prolonged downtrend, CEO Michael Sapir said in a press release on the launch of the new ProShares short ETF: “Recent times have shown, bitcoin can drop in value.”
Sapir added that “BITI affords investors who believe that the price of bitcoin will drop with an opportunity to potentially profit or to hedge their cryptocurrency holdings.”
On the Flipside
Why You Should Care
ProShares’ BITI is the first of its kind in the U.S. market, and could be the catalyst that triggers alternative investment groups to consider the viability of releasing short Bitcoin ETFs.
For insight into the launch of ProShares’ first ETF, read:
ProShares ETF Could Launch This Week
Learn more about the Bitcoin market crash below:
Crypto Fear and Greed Index Hits 7: Is It a Good Time to Buy Bitcoin?
Crypto Stocks Sell Off as Bitcoin Sinks
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Source: Cryptocurrency - investing.com
