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First Short Bitcoin ETF to List on NYSE
The exchange-traded fund will allow investors to hedge their bitcoin exposure, which may prove particularly pertinent given the sharp downturn in crypto markets of late.
Updated May 11, 2023, 6:49 p.m. Published Jun 20, 2022, 2:43 p.m.
Investment product provider ProShares is set to list the U.S.'s first exchange-traded fund (ETF) allowing investors to bet against the price of bitcoin .
- The ProShares Short Bitcoin Strategy (BITI), which is designed to deliver the inverse of bitcoin's performance, will start trading on the New York Stock Exchange (NYSE) Tuesday, ProShares announced Monday.
- The ETF will allow investors to hedge their bitcoin exposure, which may prove particularly pertinent given the sharp downturn in crypto markets of late.
- ProShares was the first firm to list a bitcoin futures ETF in October, a factor which saw the world's largest crypto hit an all-time high of around $68,900 in the subsequent weeks. Bitcoin investors will be hoping the listing of a short bitcoin futures ETF does not have a similar effect on the world's largest crypto in reverse.
- Bitcoin's price dropped below $20,000 for the first time since Dec. 20 on June 18, falling as low as $17,800 the following day.
- ProShares applied to list BITI in early April, around the same time as leveraged ETF-provider Direxion filed to list a similar product. As yet there have been no updates on the status of Direxion's application.
- A short bitcoin ETF is also already listed on the Toronto Stock Exchange by Horizons ETFs.
Read more: Crypto Winter Is Here. The Weak Will Die, and the Strong Will Eat Their Bones
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