- ProShares filed prospectus materials for five leveraged and inverse bitcoin ETFs on Tuesday, just days after spot bitcoin ETFs began trading, accelerating the race to launch bitcoin investment products.
- The proposed funds include 2x leveraged, inverse, and short bitcoin ETFs that do not directly invest in or short bitcoin.
- The filings come after SEC approval of spot bitcoin ETFs last week and indicate growing mainstream interest in crypto investment products like leveraged and options ETFs.
ProShares filed prospectus materials for five leveraged and inverse bitcoin exchange-traded funds (ETFs) on Tuesday, just days after spot bitcoin ETFs began trading. This comes as the race to launch Bitcoin investment products accelerates.
Fund Details
The proposed funds are named ProShares Plus Bitcoin ETF, ProShares Ultra Bitcoin ETF, ProShares UltraShort Bitcoin ETF, Proshares Short Bitcoin ETF and ProShares ShortPlus Bitcoin ETF.
One of the funds seeks daily investment results before fees and expenses that correspond to two times (2x) the daily performance of the Bloomberg Galaxy Bitcoin Index, according to the prospectus materials.
Two of the funds don’t directly invest in bitcoin and three do not directly short bitcoin, ProShares said.
Context of the Filings
ProShares’ filing comes just days after the Securities and Exchange Commission approved 11 spot bitcoin ETFs, which began trading on Jan. 11 and has generated billions in volume.
The New York Stock Exchange also filed to allow listing and trading of options on spot bitcoin ETFs.
Grayscale Investments filed for a covered call ETF based on its GBTC last week.
The filings show the race is on to launch bitcoin investment products as interest in crypto gains mainstream momentum. ProShares leveraged ETFs would allow traders to magnify their bets on bitcoin price moves.
