An exchange-traded fund (ETF) provider in the United States is reportedly close to launching a first-of-its-kind Bitcoin (BTC) fund.
Volatility Shares, an ETF provider based in Mt. Kisco, New York, will start offering the “2x Bitcoin Strategy ETF” (BITX) next Tuesday, June 27th, according to the company’s website.
Volatility Shares says the product is the first US-based ETF to offer leveraged long exposure to the cryptocurrency futures market.
Explains the company,
“BITX will seek daily investment results, before fees and expenses, that correspond to two times the return of the S&P CME Bitcoin Futures Daily Roll Index (Ticker: SPBTFDUE) by investing in Bitcoin futures contracts trading on the Chicago Mercantile Exchange.”
News of Volatility’s fund comes as much of the crypto world eagerly awaits the outcome of BlackRock’s newly announced Bitcoin spot ETF application.
No US Bitcoin spot ETF applications have ever been approved thus far, despite submissions from Grayscale, VanEck, and Cathie Wood’s ARK Invest, though the U.S. Securities and Exchange Commission (SEC) did greenlight the launch of the first Bitcoin futures ETFs in October 2021.
Bitcoin is trading at $30,677 at time of writing. The top-ranked crypto asset by market cap is up more than 2% in the past 24 hours and nearly 17% in the past week.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney
Shutterstock/Konstantin Faraktinov