Michael Sapir, CEO of ProShares

Before creating ProShares (then known as ProFunds Group) in 1997 with two partners, Sapir gained notoriety in the mutual funds sector where he had previously worked with the Rydex family of mutual funds. Sapir founded the distinct ProShares division of ProFunds in 2006 with an emphasis on exchange-traded funds. The company has a track of of launching cutting-edge financial products on the market, including the first leveraged and inverse ETFs in the United States.

2023

On November 2, ProShares announced the launch of the short Ether-linked ETF. The New Short Ether Strategy is intended to provide investors a chance to profit on Ether’s price volatility. It is scheduled to begin trading on the Arca of the New York Stock Exchange under the ticker code SETH. As said in the release, SETH aims to get exposure through Ether futures contracts, just like other ProShares crypto-linked ETFs.

SETH aims to reduce the difficulty of obtaining brief exposure to ETH, which Michael Sapir claims may be burdensome and costly. “With today’s SETH launch, ProShares now gives investors the chance to profit through the ease of a traditional brokerage account—on days when Ether increases and on days when it drops.” said the CEO.

2022

Given Gary Gensler’s adamant opposition, it seems unlikely that this milestone will be reached this year for the movement represented by Sapir’s ProShares Bitcoin Strategy ETF. The next step is the campaign for a spot-based Bitcoin ETF. ProShares has not submitted a new crypto ETF file to the SEC as of January 2022, appearing to have given up on this subsequent round of competition.

Early in 2022, BITO has experienced financial difficulties along with Bitcoin and the rest of the cryptocurrency market. Since its debut in October, the fund has lost about 35% of its value in less than three months.

However, once the crypto market enters yet another bull phase and mainstream investors’ interest in digital assets surges once more, the pattern is likely to reverse.

However, Bitcoin ETFs are not the only financial products Sapir envisions as being tied to Web3. ProShares submitted an application to the SEC for an ETF tracking an index of metaverse enterprises in the final weeks of 2021. The ProShares Metaverse Theme ETF, should the regulatory body approve it, will monitor the performance of the businesses that make up the Solactive Metaverse Theme Index, such as Meta, Apple, and Nvidia.

Latest news about Michael Sapir

• Ethereum is recovering after a crypto market downturn, with the U.S. Securities and Exchange Commission (SEC) set to approve an ETH Futures ETF. This marks a victory for over ten entities applying for ETH Futures products. The SEC plans to extend its decision timeline for pending Bitcoin ETF applications.
• Coinbase’s top executives have divested their holdings in the cryptocurrency exchange, resulting in significant share sales worth approximately $6.89 million. CEO Brian Armstrong sold 74,325 shares, valued at over $5.8 million. The transactions, which have sparked interest from market observers and investors, may indicate the executives’ sentiment towards the company’s future and growth prospects.