In the United States, ProShares will create the first Short Bitcoin Strategy ETF

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From June 21, 2022, bitcoin dealers in the United States will have a bitcoin-linked product to experiment with if they want to profit from the leading cryptocurrency’s price fluctuations.

As per ProShares, a renowned exchange-traded fund (ETF) provider, the ProShares Short Bitcoin Strategy ETF is about to join the market.

According to the business, BITI is the first short Bitcoin-linked ETF on the US market. Bitcoin futures contracts will be used to get exposure to BITI. The inverse price performance of the ETF will also be based on the CME Bitcoin Futures Index.

The debut of the short-bitcoin ETF comes as the price of BTC has fallen over 30% in the last month alone, making it the most valuable cryptocurrency by market capitalization. According to CoiGecko statistics, BTC has dropped over 23% in the last week.

Michael L. Sapir, CEO of ProShares, recognizes this element of Bitcoin, stating that the volatility may benefit interested investors. He said that BITI provides a chance for those who predict the price of bitcoin will fall to profit or protect their cryptocurrency holdings. In addition, BITI allows investors to have a quick taste of bitcoin by purchasing an ETF in a standard brokerage account. In addition to BITI, ProShares is creating a mutual fund for investors who prefer it over an ETF. On Tuesday, June 21, the firm’s subsidiary ProFunds will launch its Short Bitcoin Strategy ProFund (BITIX).

BITIX, like BITI, will enable investors to wager on the mutual fund’s performance. Sapir also said that in October 2021, ProShares introduced the first Bitcoin futures ETF in the United States, attracting almost $1 billion in assets in only two days.

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