ProShares Launches First 2x and -2x Spot Bitcoin ETFs

On April 2, 2024, ProShares launched the first-ever 2x and -2x spot Bitcoin ETFs, marking a significant development in the cryptocurrency investment landscape. These ETFs, named $BITU for the 2x leveraged and $SBIT for the -2x inverse, aim to offer investors amplified exposure to Bitcoin's price movements. Unlike previous offerings, $BITX and $BITI, which tracked Bitcoin futures with a leverage of 2x and -1x respectively, these new ETFs directly track the spot price of Bitcoin. Both ETFs have a fee of 95 basis points and have seen trading volumes under $1 million so far. This launch has been met with enthusiasm, indicating a continuing interest in innovative Bitcoin-related investment products.