ProShares, a leading provider of exchange-traded funds (ETFs) in the United States, is preparing to introduce several Bitcoin ETFs offering indirect exposure to Bitcoin. This move coincides with the early days of spot Bitcoin ETF trading on U.S. stock exchanges.
In a filing with the U.S. Securities and Exchange Commission (SEC) dated January 16, ProShares expressed its intention to launch leveraged and inverse Bitcoin ETFs. These ETFs aim to deliver daily investment results that correspond to the price movements of Bitcoin, based on the performance of the Bloomberg Galaxy Bitcoin Index (BGCI).
ProShares has proposed five new Bitcoin ETFs:
At the time of the filing, Bitcoin’s price was around $43,000, experiencing a downturn following the launch of spot Bitcoin ETFs in the U.S. The market anticipates potential short-term sell-offs, as suggested by some industry investors like ARK Invest CEO Cathie Wood.
This development follows the SEC’s approval of the first 10 spot Bitcoin ETFs on January 10, with trading commencing on January 11. ProShares, while not involved in this initial wave of spot Bitcoin ETFs, has been active in futures-based crypto ETFs. In October 2021, they launched one of the first U.S. Bitcoin futures-linked ETFs, the Bitcoin Strategy ETF (BITO), which saw substantial growth, reaching $2 billion in assets under management (AUM) in January 2024.
ProShares also offers other crypto-related ETFs, including the Ether Strategy ETF (EETH), Bitcoin & Ether Market Cap Weight Strategy ETF (BETH), and Bitcoin & Ether Equal Weight Strategy ETF (BETE).
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