ProShares, an asset manager, has just announced it intends to launch the first short exchange-traded fund in the US that allows investors to short positions in the crypto.
According to the press release shared by the company, the ProShares Short Bitcoin Strategy ETF, whose ticker is BITI, will allow investors to hedge risks and benefit from the fall in the price of Bitcoin.
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For its part, ProFunds, a subsidiary of the company, will launch another product, the Short Bitcoin Strategy ProFund under the ticker BITIX.
Michael Sapir, CEO of ProShares, has said:
«With the additions of BITI and BITIX, ProShares and ProFunds will be the only fund families in the US 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 world’s first inverse Bitcoin ETF was launched last year by Horizons ETFs Management in Canada. Prior to this, the country’s authorities approved exchange-traded funds based on Bitcoin and Ethereum.