SEC approves US’s first crypto-stock ETF, allows investments in Volt’s Bitcoin ETF
While the SEC may take some time approving an actual Bitcoin ETF, It has finally given the nod for Volt’s Bitcoin ETF, enabling investors to gain exposure in publicly traded companies holding and deriving profits from Bitcoins.
The company’s prospectus, filed under ‘Volt Crypto Industry Revolution and Tech ETF (BTCR)’, had applied for offering investments in “Bitcoin Industry Revolution Companies”. The companies under it include publicly listed enterprises that invest in tech companies with exposure to bitcoin and supporting infrastructure.
The majority of the companies’ net assets should be held in Bitcoin to meet any conditions for investment.
According to the filing, the ETF would invest at least 80% of the investments in crypto-related stocks and 20% will be invested in more traditional corporate stocks to offset risk.
The SEC announced a few days ago that it would extend the review period for four Bitcoin ETFs, GlobalX, WidsomTree, Kryptoin, and Valkyrie, by 45-60 days each. SEC is currently reviewing more than 10 applications for Bitcoin ETFs.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
