- An investment product provider, ProShares is all set to list the U.S.’s first exchange-traded fund(ETF). The ETF will allow investors to bet against the price of Bitcoin (BTC).
- According to the announcement made by ProShares on Monday, ProShares Short Bitcoin Strategy (BITI) will start trading on the New York Stock Exchange (NYSE) from Tuesday.
- ProShares became the first firm to list a Bitcoin futures ETH in October. This event was among the factors in the top cryptocurrency reaching its ATH of around $68,900 in the weeks after it.
ProShares, an investment product provider, is listing the first exchange-traded fund(ETF) of the U.S. enabling investors to bet against the Bitcoin(BTC) price.
On Monday, ProShares in an announcement revealed that starting from Tuesday ProShares Short Bitcoin Strategy (BITI) will begin trading on the New York Stock Exchange (NYSE). ProShares Short Bitcoin Strategy (BITI) is designed to provide the inverse of Bitcoin’s performance.
Moreover, investors will be able to hedge their Bitcoin exposure in the ETF. It could also prove to be relevant considering the bloodbath the crypto markets went through over the few weeks.
Flagship currencies such as Ethereum and Bitcoin, experienced a sharp dip in their prices plunging from their ATHs. Over the weekend Bitcoin, the top cryptocurrency lost its $18,000 support and Ethereum dropped below $1000. Though both the assets rebounded back on Sunday.
At the time of writing, Bitcoin was trading at $21,085.74 while the top altcoin stood at $1,154.05.
In October, ProShares became the first firm to list a Bitcoin futures ETH. This event was considered a factor in the world’s leading cryptocurrency reaching its ATH of around $68,900 in the weeks after it. However, a similar effect couldn’t be generated on Bitcoin in reverse if Bitcoin investors start the listing of a short Bitcoin futures ETF.
Direxion, a leveraged ETF provider applied to list BITI around the same time when ProShares filed to list BITI in early April. There are no updates whatsoever on the status of Direxion’s application.
ALSO READ: Vehement Dogecoin Supporter Bets His YouTube Channel, Predicts Doge To Hit $1
Source: https://www.thecoinrepublic.com/2022/06/21/proshares-to-list-bitcoin-etf-to-list-on-nyse/