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Home»Bitcoin»SEC Approves First Bitcoin ETF
Bitcoin

SEC Approves First Bitcoin ETF

2023-06-24No Comments2 Mins Read
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  • The SEC has approved the first leveraged Bitcoin Futures ETF in the US.
  • The price of BTC witnessed an increase, the rate fell.

The U.S. Securities and Exchange Commission (SEC) has taken an important step by approving the first-ever leveraged Bitcoin [BTC] Futures ETF. This groundbreaking development marked the inaugural ETF of its kind accessible in the United States, starting trading on Tuesday.


Is your wallet green? Check out the Bitcoin Profit Calculator


High leverage, high rewards

For context, an ETF or Exchange Traded Fund is a type of investment vehicle that tracks the performance of specific assets. Here, the BITX ETF focuses on Bitcoin.

What makes this ETF unique is its leverage strategy, aimed at boosting Bitcoin returns by a factor of two. This leverage is achieved through the use of financial derivative instruments and other instruments. Thus, investors can potentially benefit from both upward and downward movements in Bitcoin’s price.

The registration of this futures-based ETF is a direct result of industry developments, with a special focus on BlackRock’s initiative to introduce Bitcoin Spot ETFs.

BlackRock, the world’s largest asset manager that oversees assets worth more than $10 million, has filed a registration statement for a spot Bitcoin Exchange Traded Fund (ETF). Notably, the BTC ETF falls under the iShares unit of the investment company.

In addition, Coinbase, a prominent US-based cryptocurrency exchange, will serve as the custodian for the Trust’s Bitcoin holdings.

Hot and cold

The SEC is also expected to approve BlackRock’s ETF request. While this news appears to be favorable for the cryptocurrency market, the SEC’s recent actions have contradicted this sentiment. The regulatory lawsuits against Coinbase and Binance have adversely affected several altcoins as the SEC classifies many of them as securities.

See also  Analyst cites favorable market trends that could see Bitcoin reach $300,000 this cycle

Only time will tell what the impact of SEC’s behavior will be on the overall condition of the crypto market.

Consequences for Bitcoin

While the future of regulation and its impact on altcoin remains uncertain, Bitcoin’s price has been rallying due to recent events.


Read Bitcoin [BTC] Price forecast 2023-2024


At the time of writing, BTC was trading at USD 30,690.44. The price has increased significantly in recent weeks following BlackRock’s announcement.

However, the speed of Bitcoin transactions decreased noticeably. This indicated reduced trading activity as individuals held onto their BTC during this period.

Source: Sentiment

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Approves Bitcoin ETF SEC
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