The US Securities and Exchange Commission (SEC) approved a new exchange-traded fund (ETF) that will give investors exposure to bitcoin.
The SEC has given the green light to the Volt Crypto Industry Revolution and Tech ETF, which seeks to track “bitcoin industry revolution companies”. These are defined as companies that either hold the majority of their net assets in bitcoin or derive the bulk of their profit or revenue from bitcoin-related activities.
The new ETF will be listed on the New York Stock Exchange Arca exchange, an all-electronic exchange for the trading of ETFs. The ticker symbol is BTCR.
The SEC has been havering over giving approval to bitcoin ETFs, reportedly on concerns over the volatility of bitcoin and the scope for price manipulation but the Volt ETF is not directly linked to the price of bitcoin, which seems to have allayed the SEC’s concerns.
$BTCR, Volt Crypto Industry Revolution & Tech ETF, will debut in 3 weeks.
80% of the fund will be invested in "bitcoin revolution companies”, like mining, lending, or manufacturing mining equipment, & incl. $MSTR $MARA $BITF.
The other 20% will go in broad equity markets.
— Luosheng Peng (@LuoshengPeng) October 7, 2021