ProShares recently noted that its recently-launched short Bitcoin fund has already started making positive waves in the last 48 hours after making its debut on the New York Stock Exchange (NYSE).
The top Exchange-traded fund (ETF) provider added that the newly-launched short bitcoin strategy fund successfully traded 870,000 shares ($35 million) just after its first day on the NYSE market.
Michael L. Sapir, CEO of ProShares showed his excitement about offering crypto-related investors access to the first short Bitcoin ETF in the U.S., and said:
“The reception that BITI is getting in the market affirms investor demand for a convenient and cost-effective ETF to potentially profit or hedge their cryptocurrency holdings when bitcoin drops in value.”
ProShares Launches First Short BTC Fund in the U.S.
ProShares unveiled its short Bitcoin fund earlier this week on the New York Stock Exchange under the ticker BITI. The fund provides investors ways to profit from the world’s largest cryptocurrency by market capitalisation when its price dips.
The launch of BITI helped ProShares become the first inverse ETF in the U.S. that is heavily tied to the top asset class, Bitcoin.
With BITI, investors would not have to go through the stringent process required to gain access to the short spot Bitcoin.
ProShares noted that the BITI fund delivers an inverse performance of the S&P CME Bitcoin Futures index. It is important to note that BITI made its debut just eight months after ProShares launched its first Bitcoin futures ETF.
Douglas Yones, head of exchange traded products at the NYSE, commented on the BITI launch saying:
“We are pleased to welcome BITI, ProShares’ new inverse bitcoin ETF, to the NYSE, the home of innovation in the ETF industry. With BITI and its earlier launch of BITO, ProShares is now the first issuer to offer ETFs that provide opportunities when bitcoin increases and decreases in value.”
Bitcoin Still Battling the Drop
The first class Digital asset enjoyed that start of 2022 when it stood above $45,000. However, good things do not last forever. As a result,the top asset slumped below $19,000 over the last weekend as investors witnessed their funds disappear into thin air.
BTC is currently trading at $20,300, which is down 1% in the last 24 hours.