• An ETF provider in the US is reportedly close to launching a first-of-its-kind Bitcoin fund, called “2x Bitcoin Strategy ETF” (BITX).
• The product will seek daily investment results that correspond to two times the return of the S&P CME Bitcoin Futures Daily Roll Index.
• The news comes as many crypto holders eagerly await the outcome of BlackRock’s newly announced Bitcoin spot ETF application.
Volatility Shares Launching First Leveraged Bitcoin Futures Exchange-Traded Fund in US
An exchange-traded fund (ETF) provider in the United States is reportedly close to launching a first-of-its-kind Bitcoin (BTC) fund. Volatility Shares, an ETF provider based in Mt. Kisco, New York, will start offering the “2x Bitcoin Strategy ETF” (BITX) next Tuesday, June 27th, according to the company’s website.
What Will The “2X Bitcoin Strategy ETF” Offer?
Volatility Shares says the product will seek daily investment results, before fees and expenses, that correspond to two times the return of the S&P CME Bitcoin Futures Daily Roll Index (Ticker: SPBTFDUE) by investing in Bitcoin futures contracts trading on the Chicago Mercantile Exchange.
Outcome Of BlackRock’s Newly Announced Spot ETF Application Awaited By Crypto Holders
News of Volatility’s fund comes as much of the crypto world eagerly awaits the outcome of BlackRock’s newly announced Bitcoin spot ETF application. No US Bitcoin spot ETF applications have ever been approved thus far, despite submissions from Grayscale, VanEck, and Cathie Wood’s ARK Invest, though the U.S. Securities and Exchange Commission (SEC) did greenlight the launch of the first Bitcoin futures ETFs in October 2021.
Bitcoin Price Performance
At time of writing it was reported that bitcoin was trading at $30,677 with an increase over 2% for last 24 hours and 17% for past week.
This article looks at an upcoming launch by Volatility Shares which is set to offer its customers a leveraged long exposure to cryptocurrency futures market through their ” 2x bitcoin strategy EFT” product . In addition , it also looks at how this news coincides with ongoing speculation about Blackrock’s newly announced spot EFT application . Finally , it reviews current performance figures for bitcoin price action .