ProShares Files for S&P 500, Nasdaq-100, & Gold ETFs Denominated in BTC

Basically a long position in underlying stocks or gold & then a short usd/long btc position using btc futures. I'm calling these btc hedged ETFs. Bitcoin is starting to eat tradfi.

Major American exchange-traded product (ETP) issuer ProShares has filed to list three new Bitcoin-linked ETF products with the U.S. Securities and Exchange Commission (SEC).

These filings come amid growing expectations of more U.S. SEC approvals next year with a new Chairman set to take office, following a year that saw the approval of spot Bitcoin and Ethereum ETFs.

ProShares files for S&P 500, Nasdaq-100, & gold ETFs denominated in BTC

According to ETF Store President Nate Geraci, the three filings from ProShares include the S&P 500 Bitcoin ETF, the Nasdaq-100 Bitcoin ETF and the Gold Bitcoin ETF, respectively.

Geraci explained that these products are long in the underlying stocks or gold and would now feature a short USD and long Bitcoin position using Bitcoin Futures offerings. The dual-faced model of these new ETFs prompted him to refer to the prospective offerings as “BTC hedged ETFs.”

These filings follow the recent approval of spot Bitcoin and Ethereum ETF products by the U.S. SEC, which has not deterred asset managers from submitting further applications.

While the number of crypto ETFs like Litecoin, Hedera, Solana and XRP ETF products has increased, asset managers are also paying closer attention to how these offerings can target traditional finance products more directly.

As Geraci observed, “Bitcoin is starting to eat tradfi.”

Year of crypto Wall Street takeover

The timing of the current filing has led to commentary from market experts on how ETF issuers are aggressively pushing to expand the reach of the product.

Beyond the $5,500 Ethereum price prediction from Galaxy Digital, the firm also made a major ETF adoption prediction.

As highlighted by Galaxy Digital, at least one big asset manager will allocate 2% of its Assets Under Management (AuM) to Bitcoin, underscoring the potential for the asset to go mainstream on Wall Street.

Already, many traditional firms are buying Bitcoin through ETFs, complementing the continuous acquisitions by spot buyers like MicroStrategy.