ProShares launches first US inverse Bitcoin ETF

ProShares is launching a short bitcoin exchange traded fund (ETF).

The ETF will allow investors to bet on declines in the largest cryptocurrency.

The ProShares Short Bitcoin Strategy ETF will give investors the opportunity to profit from a decline in bitcoin’s price, or to hedge their exposure to crypto.

The product will launch on Tuesday with the ticker BITI as markets reopen following the Juneteenth holiday.

BITI will aim to deliver the opposite performance of the S&P CME Bitcoin Futures Index. It will obtain exposure through bitcoin futures contracts.

ProShares was the first issuer to offer a crypto ETF product in the US, with the launch of its ProShares Bitcoin Strategy ETF — which topped almost $1 billion in its first day of trading in October 2021.