- ProShares has filed for a new Short Bitcoin Strategy Exchange-Traded Fund with regulatory authorities.
- The registration statement has been submitted to the Securities and Exchange Commission.
- SEC is known to take its time concerning giving the green light on Bitcoin ETFs.
ProShares gained popularity for issuing ETFs, including inverse ETFs. The organization gained global repute for gaining approval for a Bitcoin ETF based on Bitcoin futures trading under the New York Stock Exchange (NYSE). Recently, we discovered that the firm was not done with crypto just yet.
As per the data revealed by Eric Balchunas via a tweet, Senior ETF Analyst for Bloomberg, ProShares filed for a Short Bitcoin Strategy ETF. It is important to note that the ETF issuer has been working on getting an ETF related to Bitcoin prices approved by the Securities and Exchange Commission (SEC). The firm already had a similar request shot down last year. However, it looks like the firm is trying out new approaches this time.
As per the filing report revealed by Balchunas, the ProShares Short Bitcoin Strategy ETF will trade under the ticker $FUD or $NGMI if approved, and it will “track the inverse performance of an index of Bitcoin futures.” It is important to note that the SEC takes its time when it comes to covering the details and opening such applications to public discussions. We will have to wait and see if the SEC approves this new application from the firm behind the $BITO ETF.
Experience might come in handy
As covered by Cryptopolitan in a previous report, the $BITO ETF was the first Bitcoin futures ETF approved by the SEC in 2021, which was a special addition to the NYSE and broke several records. We believe ProShares might benefit from its experience when it gained approval for its $BITO ETF application.
Furthermore, as rightly pointed out by Balchunas, the SEC doesn’t seem to have many issues with Bitcoin futures ETFs. Hence, it appears that ProShares has a winning formula this time.