The company filed an application with the SEC for the Short Bitcoin Strategy ETF.Read MoreFeedzy
ProShares has applied with the U.S. Securities and Exchange Commission (SEC) to launch what would be this country’s first inverse Bitcoin exchange-traded fund (ETF).
A short bitcoin fund from Horizons ETFs currently trades on the Toronto Stock Exchange.
ProShares manages the only Bitcoin ETF trading in the U.S., the Bitcoin Strategy ETF (BITO), which is notable for tracking Bitcoin futures, not the spot price. The SEC has famously delayed or rejected all spot Bitcoin ETF applications.
This short product, the ProShares Short Bitcoin Strategy ETF, would also track futures, as opposed to the spot price.
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.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Crypto analyst Miles Deutscher has issued one of the most forceful bottom calls of this…
The Bitcoin price volatility is once again drawing attention to MicroStrategy, the company whose strategy…
Bitcoin Magazine Vivek Ramaswamy’s Strive Urges MSCI to Rethink Bitcoin Index Exclusion Strive Asset Management…
Bitcoin has been struggling to build momentum in recent weeks, and the return of cash…
The White House's new National Security Strategy emphasizes increased global fiscal expansion and military spending.Read…
Bitcoin is trading around $91,000 after a minor dip earlier today, and uncertainty continues to…