ProShares, a leading issuer of exchange-traded funds (ETFs) in the United States, announced the launch of multiple Bitcoin (BTC) ETFs with indirect BTC exposure, as spot trading of Bitcoin ETFs begins on local stock exchanges. I'm working on raising it.
According to a Jan. 16 filing with the U.S. Securities and Exchange Commission (SEC), ProShares hopes to: launch Leveraged ETF and Inverse Bitcoin ETF. The ETF seeks daily investment results from the rise and fall of Bitcoin prices based on the daily performance of the Bloomberg Galaxy Bitcoin Index (BGCI).
ProShares prospectus announces the launch of five new Bitcoin ETFs, including Plus Bitcoin ETF, Ultra Bitcoin ETF, Ultra Short Bitcoin ETF, Short Bitcoin ETF, and Short Plus Bitcoin ETF. We are making concrete suggestions.
The ProShares Plus Bitcoin ETF and ProShares Ultra Bitcoin ETF seek daily investment results equivalent to 1.5x and 2x increases, respectively, from the daily performance of BGCI.
The other three funds, ProShares UltraShort Bitcoin ETF, ProShares Short Bitcoin ETF, and ProShares ShortPlus Bitcoin ETF, have daily investment results based on the inverse of BGCI's daily performance: -2x, -1x, and -1.5x, respectively. I'm looking for. In its filing, ProShares stressed that the fund is not directly shorting Bitcoin, adding that it seeks to profit from a decline in Bitcoin's price.
At the time of filing, Bitcoin was trading at around $43,000, but it saw a significant drop following the launch of the Spot Bitcoin ETF in the United States. Some industry investors, like ARK Invest CEO Cathie Wood, have previously predicted that the market could face a short-term decline as some investors look to cash in amid positive news. I predicted that the sex would be high.
This replenishment comes days after the US SEC approved the first 10 Bitcoin Spot ETFs on January 10th, with first trading commencing on January 11th. However, ProShares was not one of the issuers of the first wave of spot Bitcoin ETFs.
Related: ARK begins buying its own Bitcoin ETF, draining an estimated $1.1 billion from GBTC in 3 days
ProShares focuses on futures-based crypto ETFs, and in October 2021, it launched one of the first Bitcoin futures-linked ETFs in the United States. The company's main product, the Bitcoin Strategy ETF (BITO), a BTC futures-based product, is experiencing significant growth, surpassing all-time highs.In short, the past few months reach Assets under management (AUM) will reach $2 billion for the first time in January 2024.
Apart from BITO, ProShares currently also offers Ether Strategy ETF (EETH), Bitcoin & Ether Market Cap Weight Strategy ETF (BETH), and Bitcoin & Ether Equal Weight Strategy ETF (BETE).
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