Proshares plans ETF, bets on investment funds against Bitcoin

Von Krypto News Österreich

ETF
  • The ProShares Bitcoin Strategy ETF (Bito), which was placed in October, has a fortune of $ 1.3 billion $ 1.3 billion
  • The SEC asked ETF emitters Direxion last year to withdraw his application for his proposed Bitcoin Strategy Bear ETF

Proshares has announced plans to launch an ETF on the market that would offer investors the opportunity to bet against Bitcoin after the introduction of Bitcoin Futures and Metavere ETFs.

The ProShares Short Bitcoin Strategy ETF would strive for investment results that correspond to the return value --1x -the return of the CME Bitcoin futures contracts index for a single day, according to A disclosure on Tuesday .

While the fund intends to invest mainly in Bitcoin futures contracts, he can also invest in money market instruments such as US treasure changes and pension business.

Proshares also strives to launch an investment fund with the same name and the same investment strategies. A separate disclosure indicates. The submissions do not indicate a ticker or cost rates for the proposed products.

A spokesman for Proshares refused to comment beyond the submissions.

The company launched its Bitcoin Strategy ETF (Bito) in October that was the country's first ETF, which mainly invested in Bitcoin futures contracts. With a price of 95 basis points, Bito has slowly grown to a fortune of $ 1.3 billion after it rose to around $ 1 billion on the first day of trading.

Shortly after the introduction of Bito, the ETF emittent Direxion applied for the introduction of a Bitcoin Strategy Bear ETF in order to offer a managed short commitment in CME-Bitcoin-Futures contracts. The Securities and Exchange Commission applied for the return.

Nate Geraci, President of The Etf Store, said Blockworks, he saw no reason why the SEC should not approve the proposed Fund of Proshares, and added that he would expect great demand for the product.

"Since the SEC has already blessed ETFs, the CME-traded Bitcoin futures hold, why shouldn't ETFs be so short in these futures?" he said. "The current long-only-bitcoin futures ETFs also worked exactly as intended, which the second will probably offer additional comfort."

The 21shares based in Switzerland started its Short-bit-et-Tp in January 2020. Horizons ETFs Management in Canada, Exchange in April 2021.

According to ETF.com data,

proshares has 142 ETFs that are traded in the USA with a managed total assets of around $ 70 billion.

In addition to Bito, the company launched a metaverse ETF last month. The ETF depicts an index that includes 40 companies, including device manufacturers and data processors as well as social media and gaming platforms.

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The post Proshares Plans ETF, Investment Fund Betting Against Bitcoin is not a financial advice.