For investors mulling a bet against bitcoin, ProShares launched BITI, the first U.S. short bitcoin-linked ETF, on June 21.
Lydon sees an upside with BITI in part because of its flexibility. Investors do not need an options, margin or futures account, and there's no need to monitor or maintain margin levels. What's more, investors do not have to worry about losing anything more than what they've invested.
The fee for BITI is .95%, but Hyman explained that the financing costs and restrictions on shorting bitcoin make the ETF a less costly avenue for exposure. June was bitcoin's worst month on record, losing more than 38% of its value in the period alone. The digital currency remains under pressure while falling below $19,000 this past week. It costs up to $18,000 to produce one bitcoin.
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