Home Alt coins The American regulator has finally approved the ETF. This is not the Bitcoin ETF everyone is waiting for

The American regulator has finally approved the ETF. This is not the Bitcoin ETF everyone is waiting for

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The US Securities and Exchange Commission (SEC) has approved Volt Equity’s application to launch an exchange-traded fund (ETF) for a basket of shares of “companies that are revolutionizing the bitcoin industry.” This is certainly not the long-awaited Bitcoin ETF, but good too.

The exchange-traded fund, approved by the SEC back on Tuesday, is designed to track the stocks of organizations that hold most of their assets in bitcoins or derive most of their earnings from mining, lending, or performing transactions involving bitcoin. 80% of the fund’s assets will be distributed among such companies, according to a filing filed with the SEC. The new instrument will be listed on the NYSE Arca under the ticker BTCR in the next few weeks.

Volt Equity founder Ted Park said the ETF will include about 30 organizations, including Tesla, Twitter, Square, Coinbase and PayPal.

The Volt Crypto Industry Revolution and Tech ETF does not involve the physical acquisition of the first cryptocurrency, but seeks to draw attention to companies that have a significant portion of their business with the first cryptocurrency. Thus, the Volt product is the closest thing to a Bitcoin ETF that American investors have at the moment.

An exchange traded fund is a type of investment fund that includes a specific asset or a basket of assets and issues securities that reflect changes in the value of that asset. If approved, a true Bitcoin ETF will allow investors to access the market using traditional exchanges without having to hold the cryptocurrency. Bitcoin ETF promises to be a highly sought after instrument. Now its role is played by the product Grayscale Bitcoin Trust. Only accredited investors have access to GBTC.

In early October, Bloomberg analyst Eric Balchunas estimated the likelihood of US approval of some form of exchange-traded funds (ETFs) pegged to Bitcoin. In his opinion, the ETF will be approved this month.

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