SEC approves Volt’s ETF that tracks companies holding Bitcoin

TL;DR Breakdown:

• The SEC has approved an ETF that tracks companies invested in Bitcoin, including Microstrategy, Tesla, Twitter, etc.
• The fund will be listed on the NYSE in the coming weeks. 

The United States Securities and Exchange Commission has approved an exchange-traded fund (ETF) which tracks major companies invested in Bitcoin (BTC). The fund was filed and will be managed by Volt Equity. It isn’t directly connected to the leading crypto asset, although many people consider it as a herald to the approval first Bitcoin ETF in the country.

Volt’s ETF for “Bitcoin Revolution Companies”

Per the report, the fund will track about 30 so-called “Bitcoin Revolution Companies,” which Volt’s CEO Tad Park referred to companies that hold a large amount of Bitcoin in their portfolio or that earn most of their revenue from Bitcoin-related services, such as mining. Basically, it will track the shares of Microstrategy, Marathon Digital Holdings, Bitfarms, Tesla, Paypal, Twitter, and many others. 

In the coming weeks, the ETF will be traded under the ticker symbol “BTCR” on the New York Stock Exchange. Since it doesn’t directly invest in Bitcoin but the shares of the companies, the fund will be less volatile than Bitcoin. 

“I’m a strong believer in bitcoin and was excited about launching an ETF that could take advantage of the coming bitcoin revolution. We can get exposure to bitcoin without necessarily holding the coin, especially with options positions,” said Park

When is the US Bitcoin ETF?

There have been lots of applications for Bitcoin ETF from several companies in the United States. However, the SEC hasn’t made a close advance to greenlighting one. Regardless, there are more people in the crypto space that are positive that the agency will approve an ETF later this year. 

Park is also hopeful about this. He said a fund such as the “Volt Bitcoin Revolution ETF” wouldn’t have been possible a year ago. “We hope this is a crack in the dam,” he added. Meanwhile, a recent report from Bloomberg claims the SEC might approve up to four Bitcoin ETFs in the coming weeks.