The US Securities and Exchange Commission, or SEC, has approved a revolution in the Volt Crypto and Tech ETF industry, giving investors easy access to companies with significant access to Bitcoin (BTC).
The listed fund, approved on Tuesday, is designed to track so-called “Bitcoin Revolution Corporations,” which are defined as institutions that have the majority of their net assets in BTC or derive most of their income from Bitcoin mining, lending or trading. for electricity. The prospectus states that 80% of the fund’s holdings will be allocated to these companies. The new ETF will appear on the Arca New York Stock Exchange under the symbol BTCR.
For years, US securities regulators have been considering approving the first Bitcoin ETF. Last Friday, the SEC announced that it would delay the decision on four Bitcoin ETFs by 45 days, delaying the timing of the Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF until November 21, Dec. December 8, 11 and 24, respectively.
Unlike other physically backed Bitcoin ETFs, the Volt Equity fund does not track the price of Bitcoin and does not hold the asset. Instead, it targets companies that generate a significant portion of their business from Bitcoin-related activities. Thus, Volt’s product is currently the closest US investors are to a pure Bitcoin ETF.
Related: Price Rise: Will Whales Get ETF Approval for Bitcoin Futures in the Future?
There is widespread speculation that the Securities and Exchange Commission (SEC) is about to approve the first Bitcoin ETF, albeit with a few minor changes. According to Bloomberg analyst Eric Balchunas, regulators continue to find bitcoin ETFs, and the equivalent of bitcoin futures could pass in the coming weeks.
Optimism about the potential endorsement may have contributed to the surge in bitcoin prices earlier this week. The major cryptocurrency jumped to $55,000 on Wednesday as the total market capitalization of the asset fell to $1 trillion, the first milestone in nearly four months.
Discussions at the Securities and Exchange Commission about the Bitcoin ETF have taken much longer than those of its Canadian counterparts, who have already approved three ETFs. According to Bybt, the Purpose Bitcoin ETF, which was launched in February, is currently running at $1.51 billion.
The Evolve Bitcoin ETF and CI Galaxy Bitcoin ETF were launched in February and March, respectively.