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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.
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 (BTC) 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.
Michael Bellusci
Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.
