US SEC Approves an ETF Tracking the Performance of Bitcoin-Investing Companies

Just four months after the application, Volt Equity’s Volt Bitcoin Revolution ETF has received the green light from the US Securities and Exchange Commission. It will provide investors the option to invest in companies with direct exposure to BTC, such as MicroStrategy. Back in early June this year, the California-based firm Volt Equity filed with the Commission documents to launch a different type of exchange-traded fund with indirect exposure to BTC. The filing described the organizations included in the ETF as “Bitcoin Revolution Companies” since they have allocated significant portions in the cryptocurrency or are involved in it through developing or mining. Under “normal circumstances,” the Fund will invest at least 80% of its net assets in domestic and foreign Bitcoin Revolution Companies directly or through options. One of those BRCs is MicroStrategy – the NASDAQ-listed business intelligence giant spearheaded by Michael Saylor, which currently owns more than $5 billion worth of BTC. The SEC has greenlighted the product as of earlier this month, according to a recent filing. It will go live on the New York Stock Exchange Arca under the ticker symbol BTCR. This approval could be regarded as the most encouraging news coming from the SEC in terms of a BTC-related ETF. The Commission has been reluctant to greenlight even a single such product that directly tracks the performance of the primary digital asset. At the same time, the number of companies who have applied continues to increase from Grayscale to VanEck and SkyBridge Capital. However, the SEC has either rejected or delayed all applications so far. In contrast, Canada and Brazil have already approved a few Bitcoin ETFs, with most of them enjoying impressive first months in terms of AUM.

Source: US SEC Approves an ETF Tracking the Performance of Bitcoin-Investing Companies

Buy Shiba Inu, Bitcoin, Ethereum and many more Coins!

Worlds Biggest Bitcoin Exchange And Altcoin Crypto Exchange In The World

Published
Categorized as Bitcoin