ProShares Short Bitcoin Strategy is designed to deliver the inverse of bitcoin’s performance and will start trading on the New York Stock Exchange on June 21
ProShares is set to list the United States’ first exchange-traded fund (ETF) that will allow investors to bet against bitcoin (BTC) prices and hedge their crypto investments, news site CoinDesk, which specializes in digital currencies reported on June 20.
The ProShares Short Bitcoin Strategy is designed to deliver the inverse of bitcoin’s performance and will start trading on the New York Stock Exchange (NYSE) from June 21 under the ticket BITI, the company said. It may “prove pertinent” given the current crypto downslide, the report noted.
The company, a provider of bitcoin-linked ETFs, made the first move in the space earlier too, when in October 2021 it became the first to list a bitcoin futures ETF–coinciding with the crypto’s record $68,900 price.
ProShares and another ETF provider Direxion applied for similar bitcoin hedge products in early April. The latter has, however, not released any status updates.
Worldwide, a short bitcoin ETF by Horizons ETFs is already listed on the Toronto Stock Exchange.
Read more at: https://www.moneycontrol.com/news/business/proshares-to-list-first-short-bitcoin-etf-on-nyse-8714961.html
