Michael Sapir, CEO of ProShares
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Michael Sapir, CEO of ProShares

The Maryland-based asset management company ProShares, which introduced the first Bitcoin-linked ETF in the United States, BITO, in October 2021, is co-founded and led by Michael Sapir. Sapir, a native of Florida, also holds BA and MBA degrees from the University of Miami, as well as a law degree from Georgetown University.
Metaverse Post » Michael Sapir, CEO of ProShares

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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.


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.


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