ProShares Seeks to Launch Bitcoin-Denominated ETFs
ProShares, which manages more than $75 billion in assets, has filed with the U.S. Securities and Exchange Commission to launch three ETFs that track the S&P 500, Nasdaq 100 and gold, with returns measured in bitcoin rather than dollars.
The funds will use bitcoin futures, with long positions in the underlying assets and short positions in dollars/bitcoin, with monthly resets to mitigate the impact of dollar volatility.
ProShares plans to invest 25% of its assets in Cayman Islands-based companies to ensure tax compliance.
The move comes amid a major expansion of bitcoin into the traditional financial sector, with asset managers increasingly interested in integrating cryptocurrencies into their investment products