Asset manager ProShares has announced plans to launch the first U.S. reverse-traded fund that allows investors to short positions in the cryptocurrency.

According to the press release, the ProShares Short Bitcoin Strategy ETF (ticker: BITI) will provide an opportunity to hedge risks and profit from the drop in bitcoin price.

A subsidiary of ProFunds will also launch another product, the Short Bitcoin Strategy ProFund (Ticker BITIX).

“With the addition of BITI and BITIX, ProShares and ProFunds will be the only fund families in the U.S. to offer funds that allow investors to express their views on the bitcoin movement whether they believe the price will rise or fall,” he said. CEO Michael Sapir.

In April 2021, Horizons ETFs Management launched in Canada, the world’s first reverse bitcoin ETF. Prior to that, the country’s authorities approved exchange-traded funds based on digital gold and Ethereum.

In October 2021, trading on the New York Stock Exchange began trading in ProShares’ first US Bitcoin ETF futures under the code BITO. That same month, the firm requested an exemption from trade limits.

At the end of November, the instrument took 95.5% of the market.

In December, the company filed with the U.S. Securities and Exchange Commission to launch an exchange-traded fund focused on metadata.

Recall that at the end of March 2022, Arcane Research analysts reported that ProShares had increased its position in bitcoin-ETF to 28,000 BTC.

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