Cryptocurrency

ProShares To Launch First Bitcoin Short ETF in the US

Causing the members of the crypto community to question the timing of its arrival.

Cryptocurrency

ProShares To Launch First Bitcoin Short ETF in the US

Causing the members of the crypto community to question the timing of its arrival.

On Tuesday, June 21, ProShares announced the launch of a new Bitcoin short offering $BITI, allowing investors the opportunity to potentially profit when the daily price of BTC declines. The offering comes in the form of an ETF allowing for convenient access, cost-efficiency, and liquidity.

“As recent times have shown, bitcoin can drop in value,” said ProShares CEO Michael L. Sapir, adding that “BITI affords investors who believe that the price of bitcoin will drop with an opportunity to potentially profit or to hedge their cryptocurrency holdings. BITI enables investors to conveniently obtain short exposure to bitcoin through buying an ETF in a traditional brokerage account.”

In recent months banks, private firms and institutions have begun to increase their digital asset offerings — specifically surrounding BTC. Goldman Sachs offered its first BTC-backed loan, Black Rock launched a Blockchain ETF and Fidelity introduced a BTC 401(k).

While most investors seem to be receiving the news with little to no reaction, there is a part of crypto Twitter that feels the timing of the offering is odd as markets reach what is potentially a bottom. While others share frustration regarding the offering of BTC futures, BTC shorts, but no BTC spot ETF.

In other crypto news, Celsius CEO addressed the ‘difficult’ freezing of users crypto assets.

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