© Reuters
Investing.com – After pioneering Bitcoin ETFs (futures-based) in the US 8 months ago with the Bitcoin Strategy ETF (NYSE:), ProShares will now offer the first ETF to sell at discovered it (in the USA), in other words to take advantage of the drop in the cryptocurrency.
The ProShares Short Bitcoin Strategy will trade on the New York Stock Exchange under the ticker BITI, is designed to give investors a way to bet on declines in the price of cryptocurrency.
“As recent times have shown, bitcoin can decline in value,” ProShares CEO Michael Sapir said in a statement Monday.
“BITI offers investors who believe the price of bitcoin will decline an opportunity to make potential profits or hedge their cryptocurrency holdings. BITI allows investors to conveniently gain short exposure to bitcoin by purchasing an ETF in an account traditional brokerage.”
ProShares said BITI is designed to provide the inverse of the performance of the S&P index and seeks to gain exposure through bitcoin futures.
However, we will wonder about the relevance of the timing of the launch of this ETF, knowing that after having marked lows below $18,000 on Saturday, Bitcoin has risen sharply, posting above $21,000 on Tuesday, which leads some to believe that the market bottom is now behind us.