12.7 C
London
Saturday, October 1, 2022

ProShares latest ETF lets you bet against Bitcoin

Must read

This is how much your EMI will rise after the recent rise in the repo rate

Over the past two years, interest rates on loans have risen by 1.9% – causing the EMI math of most borrowers. Most experts...

Hurricane Ian death toll rises

At least 23 people in Florida have been killed by Hurricane Ian, state officials said Friday.The actual death toll from the powerful Category 4...

Tesla’s robot strategy is inextricably linked to its Autopilot strategy, for better or for worse • londonbusinessblog.com

Tesla unveiled its first prototype of its Optimus humanoid robot on Friday — a real robot this time, by the strictest definition, rather than...

Enjoy these exclusive benefits in the TC+ Lounge at Disrupt • londonbusinessblog.com

Everyone knows that membership has its privileges. And that adage holds true at londonbusinessblog.com Disrupt, which takes place October 18-20 in San Francisco....
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

There is good news for people who like bad news about crypto. Starting tomorrow, you can buy an exchange-traded fund by shorting Bitcoin. Financial company ProShares will introduce the first ETF that lets you bet against Bitcoin, and it is expected to be listed on the New York Stock Exchange when the bell opens tomorrow, June 21, under the ticker BITI.

The SEC approved a Bitcoin futures ETF, also from ProShares, earlier in October. It debuted alongside some of the biggest growth Bitcoin has seen. Now cryptocurrencies are having a hard time, with Bitcoin, Ethereum and even stablecoins all taking huge losses.

The funny thing about the SEC’s approval of an ETF that can be used to short Bitcoin is that it has not yet approved an ETF that allows you to actually trade Bitcoin. According to the SEC, you can bet on the future of Bitcoin, bet against it, or… that’s about it. on the podcast Corner of cryptocritics Bloomberg Intelligence ETF analyst James Seyffart said, “The SEC has essentially lost the wood for the trees”. While it will occasionally approve Bitcoin-related ETFs like the one debuting tomorrow, it has so far been reluctant to approve spot Bitcoin ETFs, which allows you to invest more directly in Bitcoin. That leaves investors interested in Bitcoin relying on weird apps and knowing the ins and outs of crypto wallets.

Now, just because you can bet against Bitcoin’s future with an ETF doesn’t mean everything is going downhill from here on out for Bitcoin hopefuls and the many meme and retail investors who have held their own stars to the cryptocurrency. “Of course there can be no guarantees,” Michael Sapir, chief executive of ProShares told the Wall Street Journal“But based on how the futures market follows the spot market, we’re optimistic that the inverse will follow well as well.” We’ll have to see if Sapir’s assessment is correct if the market reacts.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

This is how much your EMI will rise after the recent rise in the repo rate

Over the past two years, interest rates on loans have risen by 1.9% – causing the EMI math of most borrowers. Most experts...

Hurricane Ian death toll rises

At least 23 people in Florida have been killed by Hurricane Ian, state officials said Friday.The actual death toll from the powerful Category 4...

Tesla’s robot strategy is inextricably linked to its Autopilot strategy, for better or for worse • londonbusinessblog.com

Tesla unveiled its first prototype of its Optimus humanoid robot on Friday — a real robot this time, by the strictest definition, rather than...

Enjoy these exclusive benefits in the TC+ Lounge at Disrupt • londonbusinessblog.com

Everyone knows that membership has its privileges. And that adage holds true at londonbusinessblog.com Disrupt, which takes place October 18-20 in San Francisco....

Elon Musk unveils Optimus TeslaBot prototype during AI Day 2022

Tesla CEO Elon Musk revealed a prototype humanoid "Optimus" robot that shares some AI software and sensors with its cars' Autopilot driver assistance features....