The Horizons Inverse Bitcoin ETF (BITI) aims to allow its investors to take advantage of Bitcoin price volatility.
Bitcoin (BTC) investors in Canada are having two more outlets for BTC exposure this week and can now even bet on a price crash or short-selling.
In a press release on April 14 in Cointelegraph, the Horizons ETFs Management long-standing there are two new exchange-traded funds (ETFs) that would start trading on the Toronto stock exchange Thursday.
Bitcoin has separate views in horizon
As a pioneer in the regulated institutional investment space for cryptocurrency such as Bitcoin, Canada has now given the signal for the first such fund dedicated to Bitcoin price losses, not gains.
Nicknamed the BetaPro Inverse Bitcoin ETF (BITI), the fund is allowing investors to short Bitcoin futures. Rather than a sign of bearish sentiment, hence, executives describe the offering as a way to participate in price volatility.
Its sister, the BetaPro Bitcoin ETF (HBIT), will be functioning in the more traditional sense, complementing the short opportunity.
Steve Hawkins, President and CEO of Horizons ETFs, said in the release, “We know that there are polarizing views on bitcoin and as a result, there are investors with a high degree of conviction on both the bullish and bearish cases for the asset class”.
ETFs see intense demand
The move comes as Bitcoin circles new all-time highs near $65,000 and institutional interest grows in tandem.
This week, open interest in Bitcoin futures have reached a fresh all time high, passing through US$25 billion ahead of exchange Coinbase being listed on Nasdaq.
Grayscale’s Bitcoin Trust (GBTC), also continued to produce a bad share price premium relative to spot prices, and traded at around a -14.3% on Thursday.
The United States regulators have yet to approve a single Bitcoin ETF, giving Canada a stable edge despite its market being a fraction of its neighbor.
The Purpose Bitcoin ETF, the first to get approval in the country earlier this year, now has $1.4 billion CAD (US$1.12 billion) in assets under its management.
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