TechFlow news — ProShares, the company that launched the first U.S. Bitcoin futures ETF, plans to introduce a product that short-sells Bitcoin. According to filings submitted to the U.S. SEC on Tuesday, the ProShares Short Bitcoin Strategy ETF will track the inverse performance of a Bitcoin futures index. ProShares launched the Bitcoin Strategy ETF (ticker: BITO) in October last year, which became one of the most popular ETFs in history. If approved by regulators, this fund would become the first U.S. ETF to offer inverse exposure to Bitcoin futures. Its competitor, Direxion, had proposed a similar strategy after BITO’s launch last October but withdrew the application following requests from the SEC. According to Bloomberg Intelligence, however, the likelihood of the U.S. SEC approving an inverse futures ETF has increased this time.
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