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ProShares announces launch of new Bitcoin ETF

ProShares announces launch of new Bitcoin ETF

ProShares has announced the launch of a new Bitcoin (BTC) ETF soon. With this project, investors will soon be able to take advantage of “convenient” price reductions. As a reminder, the company was the first to create a futures ETF on BTC in October 2021.

The new ProShares project was detailed

In a press release published last Monday, we learn that ProShares will launch a system through which investors can easily exposing hedges to cryptocurrency. In addition, they can take advantage of lower prices bitcoin (BTC) to make a profit. From what we know, the ETF was created with the aim of offering performance that is at odds with the performance of the S&P CME Bitcoin Futures index.

Announcing his company’s plan, ProShares CEO Michael Sapir wrote that “As recently indicated, the value of bitcoin (BTC) may fall.” And he’s right! Basically, BTC is currently trading at $ 20,600 around, showing a Titim 70%. from its peak of $ 69,000 in November 2021.

Mr. Sapir promised that it is precisely to let people take advantage of the downtrend that his company has developed his new project. The goal is to help everyone enjoy of “good and short” exposure to bitcoin (BTC), in such a way “practice”.

ProShares and its Bitcoin ETF projects

On the launch day of the new ETF, ProShares plans to go live with a short bitcoin mutual fund (BITIX). It has announced that this will be done through its affiliate mutual fund company called ProFunds.

As a reminder, to date, ProShares is one of the few companies that has actually achieved great success by launching an ETF. Moreover, the first company have done so when it comes to the king of cryptocurrencies. Its Bitcoin ETF (BITO) has attracted significant investment: over $ 1 billion Investors entered the project in the first two days after launch.

In addition, it should be noted that the SEC has so far thwarted the plans of other companies to launch Bitcoin ETF in the United States. On the other hand, the ProShares project promises to get the approval of the authority.

ProShares company has announced that a new Bitcoin ETF will be launched soon. This will allow investors to make a profit from their investments in BTC, even when this cryptocurrency gets in bad shape due to the market context.

Source: CryptoBriefing

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