US asset managers are vying to launch ETFs with leveraged bitcoin exposure and expand into bitcoin-based options and other cryptocurrencies after last week’s SEC approval of 11 spot bitcoin ETFs.
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Firms pitch inverse cryptocurrency funds after SEC’s bitcoin ETF approval
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ProShares this week disclosed plans to launch five ETFs, including one that would offer twice the daily exposure to a bitcoin-tracking index and others to provide inverse bitcoin returns, paying out up to double any decline in an underlying index, according to filings with the SEC. The extra leverage in the ETFs — which are not designed to be long-term investments — would amplify swings experienced by the already volatile bitcoin price.
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