The company firm that created one of the original Bitcoin futures-connected exchange-traded funds in America is reportedly introducing a new instrument for betting against the price of the cryptocurrency.

Specifically, exchange-traded fund issuer ProShares reportedly revealed that its Short Bitcoin Strategy ETF is to be released for trading across the New York Stock Exchange (NYSE), beginning June 21st, under the ticker BITI. 

The freshly rolled out instrument will reportedly make it possible for U.S. investors to bet against Bitcoin (BTC) via the assistance of futures contracts, given the cryptocurrency’s performance in a single day as measured by the Chicago Mercantile Exchange Bitcoin Futures Index.

“BITI affords investors who believe that the price of Bitcoin will drop with an opportunity to potentially profit or to hedge their cryptocurrency holdings. BITI enables investors to conveniently obtain short exposure to Bitcoin through buying an ETF in a traditional brokerage account.” Head of ProShares Michael Sapir additionally claimed. 

The introduction of the investment measure is reportedly going to commence as major cryptocurrencies including Bitcoin and Ether (ETH) are undergoing a bear phase. On June 18th, the BTC price plummeted below $18,000 for the first time since 2020, but has since recovered to over $20,000 at the time of publication. 

The ETH price experienced an incline with a similar pattern to below $1,000 on June 18 – an 18-month low.

Last year, ProShares made a new Bitcoin Strategy ETF available on the NYSE, providing one of the first means of investment equipped with exposure to BTC futures throughout America. 

Opening at $40 per share on October 18, shares of the ETF have fallen over 68% to reach $12.72 at the time of publication. Apart from BITI, ProShares-affiliated firm ProFunds disclosed its plan to release a mutual fund vehicle looking to short the BTC price under the ticker BITIX.