ProShares will launch a short Bitcoin-backed exchange-traded fund (ETF) on the New York Stock Exchange (NYSE), the U.S.-based ETF issuer announced on Monday.
Fast facts
ProShares Short Bitcoin Strategy ETF is scheduled to begin trading on the NYSE on Tuesday under the ticker BITI.
A short Bitcoin-backed ETF allows investors to profit from falling Bitcoin prices.
Bitcoin has fallen roughly 70% from its all-time high in November last year and was changing hands at US$20,575 at publishing time.
ProShares launched the first Bitcoin Futures ETF in the U.S. last October, before Bitcoin rallied to its record-high price.
The U.S. Securities and Exchange Commission has yet to grant approval to a spot-traded Bitcoin ETF.
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