U.S SEC Approves First Leveraged Cryptocurrency ETF
The debut of the Volatility Shares ETF is scheduled for Tuesday, June 27, 2023, thanks to the approval of the 2x Bitcoin Strategy ETF (commonly known as BITX) by the U.S. Securities and Exchange Commission (SEC).
It is the first leveraged cryptocurrency ETF to get approval from the SEC. Customers will be able to invest in the cryptocurrency market with just half of Bitcoin’s price thanks to the Volatility Shares ETF.
Mighty BlackRock Effect
On Friday, the price of Bitcoin soared beyond $31,000 in response to the ongoing momentum of reports that Blackrock had submitted an application to the Securities and Exchange Commission to create a Bitcoin exchange-traded fund.
Bitcoin exchange-traded funds (ETFs) are set to debut from Blackrock, Valkyrie Investments, and Bitwise, among others. The price of Bitcoin surged as conventional financial companies showed fresh interest in the cryptocurrency industry.
According to the Volatility Shares’ management, their ETF application has not been rejected by the SEC. Chief investment officer Stuart Barton has said that this paves the way for the business to establish the Bitcoin ETF. The Volatility Shares ETF, according to the ETF registration, will follow the CME Bitcoin Futures Daily Roll Index.
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On the other hand, earlier, the Supreme Court sided with Coinbase, a cryptocurrency exchange located in the United States. In its bid to have customer disputes resolved via arbitration.