ProShares Launches Short Bitcoin ETF As Price Falls

ProShares is launching the first short Bitcoin (BTC) exchange traded fund (ETF) as cryptocurrency prices continue to fall.

The short Bitcoin ETF comes eight months after ProShares, an investment management firm, created the first U.S. Bitcoin futures ETF.

The new “ProShares Short Bitcoin Strategy” ETF will trade on the New York Stock Exchange under the ticker symbol “BITI,” and is designed to give investors a way to profit from declines in the price of the largest cryptocurrency. It comes with an expense ratio of 0.95%.

Bitcoin fell to a new 2022 low over the weekend of $17,601.58 U.S., according to Coin Metrics.

BITI will be the first ETF of its kind in the U.S. In Canada, Horizons offers a short Bitcoin ETF that is listed on the Toronto Stock Exchange (TSX).

Bitcoin is 70% below its all-time high of $68,000 U.S. reached last November and is currently trading at $21,150 U.S.