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Today, a significant step was taken in the world of cryptocurrency as ProShares, one of the leading ETF providers, announced the initiation of a new era. ProShares is presenting to investors the first ETF, ProShares Ultra Bitcoin ETF (BITU), targeting daily 2x Bitcoin returns, and similarly, the ProShares UltraShort Bitcoin ETF (SBIT) targeting daily -2x Bitcoin returns.
Short and Long Period in Bitcoin ETFs
As stated by ProShares CEO Michael L. Sapir, “BITU and SBIT are designed to address the difficulty of engaging in leveraged or short-focused Bitcoin transactions, which can be cumbersome and costly.” These two ETFs offer investors the opportunity to pursue magnified Bitcoin returns or aim for a directional bet with less capital at risk. Additionally, SBIT allows investors to try to profit from a drop in Bitcoin price or hedge against Bitcoin risk.
Listed on the New York Stock Exchange, BITU and SBIT offer an ideal option for investors looking to target leveraged or short-focused Bitcoin orientations with the accessibility, convenience, and efficiency of an ETF.
ProShares Expands Its Product Range
ProShares is a global leader in leveraged ETFs. They took on a pioneering role in crypto-related ETFs with the launch of the first U.S. Bitcoin-linked ETF (BITO) in October 2021. Since then, ProShares has launched a series of products including the first U.S. short-focused Bitcoin-linked ETF (BITI), the first U.S. ETF targeting Ethereum‘s performance (EETH), and the first short-focused Ethereum-linked ETF (SETH).
Moreover, they have introduced ETFs targeting the combined performance of Bitcoin and ETH with equal weighting (BETE) and market value weighting (BETH). However, it is important to note that ETFs like BITU and SBIT do not directly invest in cryptocurrencies.
ProShares‘ new initiative comes at a time when the cryptocurrency markets and traditional finance are becoming increasingly integrated. For investors, the introduction of these ETFs presents new opportunities to expand access to crypto assets and create more diverse investment strategies.
