Illustration by Alex Castro / The Verge
There’s good news for people who find bad news about crypto to be good. Starting tomorrow, you’ll be able to buy an exchange-traded fund based on shorting Bitcoin. The financial firm ProShares will debut the first ETF to let you bet against Bitcoin, and it’s set to be listed on the New York Stock Exchange when the bell opens tomorrow, June 21, under the ticker BITI.
The SEC previously approved a futures Bitcoin ETF, also from ProShares, in October. It debuted alongside some of the biggest growth Bitcoin has seen. Now, cryptocurrencies have been severely struggling, with Bitcoin, Ethereum, and even stablecoins all suffering major losses.
What’s funny about the SEC’s approval of an ETF that can be used to short Bitcoin is that it has not…