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ProShares Aims to Let Investors Bet Against Bitcoin With New ETF
The company filed an application with the SEC for the Short Bitcoin Strategy ETF.
Updated May 11, 2023, 4:05 p.m. Published Apr 6, 2022, 3:27 p.m.
ProShares has applied to the U.S. Securities and Exchange Commission (SEC) to launch what would be this country’s first inverse bitcoin exchange-traded fund (ETF).
As the name implies, an inverse ETF is designed to perform as the opposite of whatever index or benchmark it is designed to track.
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- An ETF that shorts bitcoin from Horizons ETFs currently trades on the Toronto Stock Exchange.
- ProShares introduced, and won SEC approval for, the first bitcoin futures ETF trading in the U.S., the Bitcoin Strategy ETF (BITO). The SEC has yet to approve a bitcoin ETF that holds actual bitcoin.
- The inverse product, the ProShares Short Bitcoin Strategy ETF, if approved, would also track bitcoin futures.
- Bloomberg Intelligence analyst Eric Balchunas notes the SEC rejected a similar offering by Direxion last year, but believes this ProShares product has a shot given ProShares’ track record in getting BITO approved.
ProShares just filed for a Short Bitcoin Futures ETF. Even tho SEC rejected similar filing last year, this has shot IMO given ProShares' perfect read on SEC w/ $BITO and the lack of issues w/ futures ETFs so far. Ticker should be $FUD or $NGMI. Nice scoop by @kgreifeld. pic.twitter.com/fOieZ0Tp9Y
— Eric Balchunas (@EricBalchunas) April 6, 2022
Read more: SEC Rejects Spot Bitcoin ETF Application From Ark 21Shares
UPDATE (April 6, 15:50 UTC): Clarifies that ProShares introduced the first bitcoin futures ETF in the U.S.
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