ProShares, which unveiled the first Bitcoin futures ETF, files for approval for a new product that allows investors to bet against BTC prices, according to a report by the SEC on Tuesday.
The ProShares Short Bitcoin Strategy ETF monitors the opposing performance of a Bitcoin futures Index.
ProShares stated that the proposed fund seeks daily investment results before expenses and fees that align with the inverse of the daily performance of the Index.
Eric Balchunas, a senior EFT analyst for Bloomberg, stated that ProShares might succeed in its efforts considering ProShares’ actual read on SEC w/$BITO and lack of issues w/futures ETFs.
ProShares’ product and similar ones represent a significant change for Bitcoin-linked exchange products in the US. SEC has been resistant to approving spot bitcoin ETFs after rejecting numerous proposals in recent months. BTCUSD down -3.47%