ProShares, an investment product provider, will launch the United States’ first exchange-traded fund (ETF) that would allow investors to bet on bitcoin’s decline.

First short Bitcoin ETF

According to a statement released Monday, the ProShares Short Bitcoin Strategy ETF would allow investors to profit from a BTC price decrease or hedge their crypto exposure. As markets reopen following the Juneteenth holiday, the product will be launched on Tuesday under the ticker BITI.

BITI will aim to deliver the opposite performance of the S&P CME Bitcoin Futures Index. It will obtain exposure through bitcoin futures contracts. While this is the first of its sort in the United States, other short exchange-traded products (ETPs) are currently available from Europe to Canada.

Direxion applied to list similar product

The firm applied to list BITI in early April, while leveraged ETF provider Direxion applied to list a similar product. There have been no updates on the status of Direxion’s application.

ProShares was the first issuer to provide a crypto ETF located in the United States with the launch of its ProShares Bitcoin Strategy ETF. It reached around $1 billion in volume on its first trading day in October 2021