ProShares launched an ETF to bet against Bitcoin, available for trading on the New York Stock Exchange from Tuesday under the ticker BITI.
) using futures contracts, given the cryptocurrency’s performance in a single day as measured by the Chicago Mercantile Exchange Bitcoin Futures Index.
“BITI affords investors who believe that the price of Bitcoin will drop with an opportunity to potentially profit or to hedge their cryptocurrency holdings,” said ProShares CEO Michael Sapir. “BITI enables investors to conveniently obtain short exposure to Bitcoin through buying an ETF in a traditional brokerage account.”
The launch of the investment vehicle will come amid a bear market for major cryptocurrencies including Bitcoin and Ether (
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