ProShares will launch the first Short BTC-linked ETF on June 21

The biggest Bitcoin-linked ETF provider ProShares will launch the first short Bitcoin-linked ETF in the United States on June 21.
The biggest Bitcoin-linked ETF provider ProShares will launch the first short Bitcoin-linked ETF in the United States on June 21.

The biggest Bitcoin-linked ETF provider ProShares has decided to officially launch the first short Bitcoin-linked ETF in the United States on June 21.

As per the announcement by the company, the upcoming ProShares Short Bitcoin Strategy ETF (BITI) aims to provide a way for investors to take advantage of the BTC price downfall. Investors can hedge their crypto exposure with the convenience of a Bitcoin ETF.

ProShares aims to help investors in the BTC price downfall

The company has designed the ETF to address the challenge of acquiring short exposure to Bitcoin, which is expensive for many traders. Michael L. Sapir, the CEO of ProShares, commented on the launch by stating:

“As recent times have shown, bitcoin can drop in value. 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.”

ProShares, which has been in the ETF industry since 2006, offers one of the largest ETF lineups. The company says that the new ETF “is designed to deliver the inverse (opposite) of the performance of the S&P CME Bitcoin Futures Index. It seeks to achieve its objective on each investment day and for no other period. BITI seeks to obtain exposure through bitcoin futures contracts.”

Notably, the affiliated mutual fund company of ProShares, ProFund, has decided to launch Short Bitcoin Strategy ProFund (BITIX) for the investors who seek to invest in Mutual funds on June 21. BITIX mutual fund would have the same investment goals as BITI, as per the announcement.

As TheCoinRise reported, ProShares introduced BITO, the first bitcoin-linked ETF in the United States, in October 2021. BITO gathered more than $1 billion in assets from the public in just two days. As a result, it became the most successful ETF launch in history. In July 2021, ProFunds launched the first bitcoin-linked mutual fund, BTCFX.