ProShares Launches First Short Bitcoin ETF
Bitcoin ETF
Modified Date:- Published Date:-Categories: Bitcoins
ETF The ProShares Short Bitcoin Strategy ETF, scheduled to commence trading under ticker symbol BITI on June 22 on the New York Stock Exchange, enables investors to “short sell” bitcoin. Unlike most investments that speculate on price appreciation, short selling involves the opposite condition that the asset in question will decline. In a statement, ProShares CEO Michael Sapir commented that the terms for the product were ripe.The BITI intends to deliver the opposite performance of the S&P CME Bitcoin Futures Index, and will gain exposure through bitcoin futures contracts. With bitcoin's recent unprecedented drop from its 2017 all-time low to a previous all-time high, the launch is timely. Since November last year, the overall cryptocurrency market has lost $2 trillion from its market cap, peaking at $2.9 trillion and is currently hovering around $900 million. Despite other jurisdictions such as Canada and Australia having many spot bitcoin ETFs, the US as the world's largest financial market has yet to find one of its own.The US regulator, the Security and Exchange Commission (SEC), has repeatedly denied spot bitcoin ETFs, citing "market manipulation" as one of the many reasons it failed to approve one. The news comes as Grayscale commits to converting its Grayscale Bitcoin Trust into an ETF, and just yesterday, Bloomberg reported that Anthony Scaramucci's Skybridge was scheduled to file for the Spot Bitcoin ETF this week.
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