ProShares, an issuer of exchange-traded funds, including inverse exchange-traded funds, and similar products, announced on Monday that it plans to launch the first short Bitcoin exchange-traded fund (ETF) this week.
The ProShares Short Bitcoin Strategy will trade on the New York Stock Exchange under the ticker BITI, ProShares said. BITI will be the first ETF of its nature in the U.S.
The short Bitcoin-linked ETF aims to give investors the opportunity to profit from a decline in Bitcoin’s price, or to hedge their exposure to cryptocurrency. It will have an expense ratio of 0.95%.
ProShares said BITI is designed to deliver the opposite of the performance of the S&P CME Bitcoin Futures Index and that it seeks to get exposure through Bitcoin futures contracts.
In a statement, ProShares CEO Michael Sapir, said: “As recent times have shown, Bitcoin can drop in value. BITI affords investors who believe that the price of bitcoin will drop with an opportunity to potentially profit or to...
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