An exchange-traded fund (ETF) provider in the United States is reportedly on the verge of launching a first-of-its-kind Bitcoin (BTC) fund.
Volatility Shares, an ETF provider based in Mount Kisco, New York, is launching to offer the “2x Bitcoin Strategy ETF” (BITX) next Tuesday, June 27, according to the company’s website.
Volatility Stocks say the product is the first US-based ETF to provide leveraged long exposure to the cryptocurrency futures market.
explains the company,
“BITX aims to provide daily investment results, before fees and charges, equivalent to twice the performance of the S&P CME Bitcoin Futures Daily Roll Index (Ticker: SPBTFDUE) by investing in Bitcoin futures contracts traded on the Chicago Mercantile Exchange.”
The news about Volatility’s fund comes as much of the crypto world eagerly awaits the outcome of BlackRock’s recently announced Bitcoin spot ETF application.
To date, no US Bitcoin spot ETF applications have ever been approved, despite submissions from Grayscale, VanEck and Cathie Wood’s ARK Invest, although the US Securities and Exchange Commission (SEC) did. green light the launch of the first Bitcoin futures ETFs in October 2021.
Bitcoin is trading at $30,677 at the time of writing. The top-ranked crypto asset by market capitalization is up more than 2% in the past 24 hours and nearly 17% in the past week.
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Image generated: Midway through the journey
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