ProShares will launch ETF aimed at shorting Bitcoin following dip under $20K

The agency behind one of many first Bitcoin futures-linked exchange-traded funds within the United States will give buyers a brand new car to guess in opposition to the worth of the cryptocurrency.

In a Monday announcement, exchange-traded fund issuer ProShares said its Short Bitcoin Strategy ETF could be out there for buying and selling on the New York Stock Exchange, or NYSE, beginning Tuesday under the ticker BITI. The car will enable U.S. buyers to guess in opposition to Bitcoin (BTC) utilizing futures contracts, given the cryptocurrency’s efficiency in a single day as measured by the Chicago Mercantile Exchange Bitcoin Futures Index.

“BITI affords buyers who consider that the worth of Bitcoin will drop with a chance to probably revenue or to hedge their cryptocurrency holdings,” stated ProShares CEO Michael Sapir. “BITI allows buyers to conveniently get hold of brief publicity to Bitcoin by shopping for an ETF in a standard brokerage account.”

The launch of the funding car will come amid a bear marketplace for main cryptocurrencies together with Bitcoin and Ether (ETH). On Saturday, the BTC worth dropped under $18,000 for the primary time since 2020 however has since returned to greater than $20,000 at the time of publication. The ETH worth skilled an identical drop to under $1,000 on June 18 — an 18-month low.

In 2021, ProShares launched its Bitcoin Strategy ETF on the NYSE, providing one of many first funding automobiles providing publicity to BTC futures within the United States. Opening at $40 per share on October 18, shares of the ETF have fallen greater than 68% to achieve $12.72 at the time of publication. In addition to BITI, ProShares-affiliated firm ProFunds introduced it will be launching a mutual fund car aimed at shorting the BTC worth under the ticker BITIX.

Related: ProShares recordsdata with SEC for Short Bitcoin Strategy ETF

Investors would not have entry to identify Bitcoin ETFs listed within the United States because of the Securities and Exchange Commission’s seeming reluctance to approve an funding car with direct publicity to the cryptocurrency. However, the regulatory physique authorized ETFs linked to BTC futures beginning in 2021, together with these from ProShares and Valkyrie.

 


Share post on

News

Shiba Inu (SHIB) Shines Green In Pool Of Crimson – Who’s Buying? in July 2022

On Friday, the price of Shiba Inu (SHIB) increased, despite the fact that the...

By Nicholas Raymond
News

Puget Sound Crabbing Starts Friday in July 2022

By CHRISTINE CLARRIDGE, The Seattle TimesSEATTLE (AP) — Puget Sound crabbing kicks off Friday!While...

By Nicholas Raymond
News

Circling the Bases as Baseball Nears its Midpoint in July 2022

The All-Star break has typically been used to split up baseball’s first and second...

By Nicholas Raymond
News

Argentina carries out crypto wallet seizures linked to tax delinquents in July 2022

Argentina’s tax authority has seized more than 1,000 cryptocurrency wallets linked to delinquent taxpayers...

By Nicholas Raymond
News

The Best Original TV Shows to Stream on Starz in July 2022

Starz welcomes Spider-Man: No Way Home on July 15, but this streaming service has plenty more to...

By Nicholas Raymond
News

California Wildfire Burns More Than 900 Acres and Prompts Evacuations in July 2022

A fast-growing fire near South Yuba River State Park in Nevada County, Calif., about...

By Nicholas Raymond
News

Ethereum liquidity provider XCarnival negotiates return of 50% stolen ETH

  XCarnival, a liquidity provider for the Ethereum ecosystem, recovered 1,467 Ether (ETH) only...

By Nicholas Raymond
News

Icebergify: How To Create an Iceberg of Your Most Listened to Spotify Artists

    Been on social media immediately? Seen these weird musical Icebergs floating round...

By Nicholas Raymond

Latest Posts

Coupon

Papa Johns Large Pizza 30% off in July 2022

This post may contain affiliate links. Click to read our Disclosure Policy . Click...

By Alfred Keen
Coupon

Under Armour Men’s Rival Super Soft Logo Jogger Pants for $14 in July 2022

Coupon code "PZY20FAF" drops this at least $12 under what you'd pay elsewhere. Buy...

By Alfred Keen
Coupon

Daily Roundup (6/30/2022) in July 2022

Happy Thursday! Early Prime Deals are here and you can snag some awesome prices...

By Alfred Keen
Coupon

FREE + MONEY MAKER Crest Toothpaste & Oral-B Toothbrush at Walgreens!Learn to Coupon, Extreme Couponing, Weekly Match Ups, Early Ad Previews, CVS in July 2022

google.com, pub-4124326573907909, DIRECT, f08c47fec0942fa0 FREE + MONEY MAKER Crest Toothpaste & Oral-B Toothbrush at...

By Alfred Keen
Coupon

Kia & Hyundai $760 MILLION Dollar Cash Settlement! in July 2022

Breaking news! It was...

By Alfred Keen
Coupon

Costway Independence Day Sale: 10% off sitewide in July 2022

Coupon code "AMERICA10" snags 10% off sitewide. Shop Now at Costway

By Alfred Keen
Coupon

Disney Mickey Mouse 14-Inch Plush $7.68 in July 2022

This Disney Mickey Mouse 14-Inch Plush is now at its lowest price on Amazon!...

By Alfred Keen
Coupon

Judge considers $760 million settlement with Kia, Hyundai over engine fires in July 2022

Judge considers $760 million settlement with Kia, Hyundai over engine fires - ABC Action...

By Alfred Keen