ETF That Bets Against Bitcoin to Launch

First exchange-traded fund to short the world’s biggest digital currency to debut amid crypto’s huge price slide

Financial firm ProShares is ready to roll out the first U.S.-listed short bitcoin futures exchange-traded fund this week, allowing investors to effectively bet against the largest cryptocurrency after its price tumbled below $20,000 over the weekend.

The Bethesda, Md., firm’s fund, the Short Bitcoin Strategy ETF, will trade on the New York Stock Exchange and go by the ticker BITI.…1655683379


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ProShares to Launch the First U.S. Short Bitcoin-Linked ETF on June 21

he ProShares Short Bitcoin Strategy ETF (NYSE Ticker: BITI) provides a way for investors to potentially profit from a decline in the price of bitcoin or hedge their cryptocurrency exposure with the convenience of an ETF. BITI is designed to address the challenge of acquiring short exposure to bitcoin, which can be onerous and expensive for many investors.

“As recent times have shown, bitcoin can drop in value,” said ProShares CEO Michael L. Sapir. “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.”…on-June-21


h/t blind prophet


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