US SEC approves a new ETF that tracks companies investing in Bitcoin (BTC)

US SEC approves a new ETF that tracks companies investing in Bitcoin (BTC)
фото показано с : invezz.com

2021-10-9 12:50

For years now, the US SEC has been rejecting any and all Bitcoin ETF proposals that numerous companies have sent its way, claiming that none of them was good enough to protect investors and manage the risks. However, the regulator has just made a decision that some see as the first step towards finally approving a Bitcoin ETF.

More specifically, the US securities watchdog approved an ETF that tracks the performance of companies that are investing in Bitcoin (BTC/USD).

The ETF proposal was submitted four months ago by Volt Equity, and it is known as Volt Bitcoin Revolution ETF. The US Securities and Exchange Commission just gave it a green light, and it will now be able to provide investors with an opportunity to invest in firms that have direct exposure to Bitcoin.

Introducing Bitcoin Revolution Companies

With the absence of an actual Bitcoin ETF, this will serve as the next best thing. Of course, it will only allow indirect exposure to Bitcoin, but it is a major step in the right direction. The filing described the organizations that will be included in the ETF as Bitcoin Revolution Companies. This comes from the fact that they have dedicated major portions of their funds to digital currencies, or are involved with crypto in some other way, such as mining or development.

The fund will invest a minimum of 80% of its assets in local and foreign firms dealing with Bitcoin, either directly or through options. It is also worth noting that one of the Bitcoin Revolution Companies will be MicroStrategy, which currently owns over $5 billion worth of BTC which it purchased over the last several years. The ETF will go live on the New York Stock Exchange Arca under the ticker symbol BTCR.

The post US SEC approves a new ETF that tracks companies investing in Bitcoin (BTC) appeared first on Invezz.

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Источник: invezz.com

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