[Asia Economy Reporter Byunghee Park] The inverse Bitcoin exchange-traded fund (ETF) is set to be listed on the Toronto Stock Exchange in Canada on the 15th (local time), Bloomberg reported on the 14th.
The inverse Bitcoin ETF generates profits when the price of Bitcoin falls. Amid heated debates over Bitcoin's value and Bitcoin prices continuously hitting all-time highs, investor interest in the inverse Bitcoin ETF is expected to be high.
Todd Rosenbluth, director at CFRA Research, said, "Many investors are interested in Bitcoin," adding, "The newly listed inverse Bitcoin ETF will provide opportunities for investors who believe the current Bitcoin price is unjustified and expect Bitcoin prices to decline."
The Toronto Stock Exchange gained attention by listing the first Bitcoin ETF in North America on February 18. Bloomberg reported that Canada has once again outpaced the U.S. by listing the inverse Bitcoin ETF.
The U.S. Securities and Exchange Commission (SEC) has rejected all Bitcoin ETF listing applications submitted since 2013, citing concerns over price manipulation and potential misuse for criminal activities. It is known that more than eight Bitcoin ETF listing applications are still pending. U.S. President Joe Biden nominated Gary Gensler as SEC chairman, and the nomination passed the U.S. Senate with 53 votes in favor and 45 against on the same day.
The 'Purpose Bitcoin ETF,' the first Bitcoin ETF in North America listed on the Toronto Stock Exchange in February, has attracted significant attention by surpassing $1 billion in total assets in less than two months.
Bitcoin hit another all-time high on the day. According to CoinDesk, it surpassed $64,000 for the first time ever, reaching a peak of $64,829.
Coinbase, the largest cryptocurrency exchange in the U.S., was listed on the Nasdaq stock exchange on the same day. Coinbase was directly listed without a public offering, using only existing shares. Coinbase's stock opened at $381, much higher than the reference price of $250 per share, reaching an intraday high of $429.54. The closing price was $328.28, lower than the opening price. Based on the closing price, the market capitalization was $85.8 billion.
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