Want to short Bitcoin? ProFunds is creating a fund for you

ProFunds intends to bring the Short Bitcoin Strategy ProFund fund to the market, an investment vehicle meant to short Bitcoin (BTC-USD) inside a market-wrapped fund. ProFunds filed with the U.S. Securities and Exchange Commission to create the fund, which plans to offer a -1X inverse return of the CME Bitcoin Futures Contracts for a single day. According to the prospectus, the fund will not directly hold Bitcoin but rather trade the cryptocurrency through managed futures contracts. This structure is similar to the popular Proshares Bitcoin Strategy ETF (NYSEARCA:BITO), Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF), and the VanEck Bitcoin Strategy ETF (BATS:XBTF). However, the new short fund will operate in an inverse fashion. Before there was a Bitcoin Strategy ETF on the market, ProFunds launched the Bitcoin Strategy ProFund (BTCFX), which delivered exposure through a mutual fund format, and was the markets first fund that offered this type of exposure. ProShares looks to break