Perfectly timed with the crashing price of Bitcoin, a new ETF will offer investors the opportunity to profit from the declining price of the leading cryptocurrency.
What Happened: The ProShares Short Bitcoin Strategy ETF (NYSE:BITI) is set to launch this week, giving investors the opportunity to bet against Bitcoin (CRYPTO: BTC).
The ETF will provide a more cost-effective way to have short exposure to Bitcoin, according to the company.
“As recent times have shown, bitcoin can drop in value,” ProShares CEO Michael L. Sapir said. “BITI affords investors who believe that the price of bitcoin will drop with an opportunity to potentially profit or to hedge their cryptocurrency holdings.”
The ETF will provide the inverse of the S&P CME Bitcoin Futures Index.
Along with the ETF, ProShares plans to launch a mutual fund called Short Bitcoin Strategy ProFund from its mutual fund company ProFunds.
“With the addition of BITI and BITIX, ProShares and ProFunds will be the only fund families in the U.S. offering funds that allow investors to express their view on the direction of bitcoin – no matter whether they believe the price will go up or down.”
The expense ratio of the new ETF is 0.95%.
Related Link: How To Short Bitcoin
Why It’s Important: ProShares is one of the leading ETF companies with over $55 billion in assets under management.
ProShares previously launched the first U.S. Bitcoin futures ETF with the ProShares Bitcoin Strategy ETF (NYSE:BITO) in October 2021. The ETF was the most successful launch in ETF history, gaining over $1 billion in assets in its first two days.
The new ETF from ProShares will be the first ETF offering short exposure to Bitcoin in the U.S. A short Bitcoin ETF previously launched in Canada in 2021.
Price Action: Bitcoin hit a new 52-week low in the last week, dropping to $17,708.62. The price of Bitcoin reached an all-time high of $68,789.63 in November 2021.
At the time of writing, Bitcoin is trading at $20,109.50, down 14% for the week.
Photo: Courtesy of Marco Verch Professional on Flickr
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