Cryptocurrency ETP provider Amun has launched the world's first short bitcoin ETP, a sign of innovation in the crypto landscape.
The 21Shares Short Bitcoin ETP (SBTC) is listed on the SIX Exchange and enables investors to bet against the performance of bitcoin.
Unlike usual shorting, the ETP is reset at the end of the day and the performance is not rolled over to the next day making it suitable to capture short-term price movements of bitcoin.
Amid the launch, Amun has rebranded its 11-strong ETP range to 21 Shares. The migration to the new name will take place over the course of Q2 this year.
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Hany Rashwan (pictured), CEO of Amun, commented: The one missing piece to the puzzle was to deliver a product to capitalize on negative price movements.
"Our platform is now near complete and marks an important step towards the introduction of derivative products in conventional ETP form for the still nascent crypto market."
Last December, Amun received approval from the Swedish regulator to distribute its products across the European Union (EU).