According to Wu, ETF provider ProShares announced the launch of the ProShares Ultra Bitcoin ETF (BITU), which targets a 2x daily return on Bitcoin. At the same time, ProShares also launched the ProShares UltraShort Bitcoin ETF (SBIT), which targets a -2x daily return on Bitcoin. BITU and SBIT are listed on the New York Stock Exchange and are designed to address the challenges of obtaining leverage or shorting Bitcoin.