US ETF Provider Nears Launch of Unique Bitcoin Fund – Volatility Shares to Introduce 2x Bitcoin Strategy ETF (BITX)
According to the official website of Volatility Shares, a renowned ETF provider based in Mt. Kisco, New York, they are on the verge of introducing an unprecedented Bitcoin (BTC) fund. The eagerly anticipated “2x Bitcoin Strategy ETF” (BITX) is slated to be available starting from Tuesday, June 27th.
Distinguishing itself from existing offerings, Volatility Shares proudly presents this pioneering product as the first-ever US-based ETF to provide leveraged long exposure to the cryptocurrency futures market. The company clarifies that the objective of BITX is to deliver daily investment outcomes equivalent to two times the performance of the S&P CME Bitcoin Futures Daily Roll Index (Ticker: SPBTFDUE) by investing in Bitcoin futures contracts traded on the esteemed Chicago Mercantile Exchange.
The news about Volatility Shares’ fund release arrives amidst widespread anticipation surrounding BlackRock’s recent announcement regarding their Bitcoin spot ETF application. While no US-based Bitcoin spot ETF applications have been approved so far, despite submissions from prominent entities like Grayscale, VanEck, and Cathie Wood’s ARK Invest, it is worth noting that the U.S. Securities and Exchange Commission (SEC) did grant approval for the launch of the first Bitcoin futures ETFs in October 2021.
At the time of writing, Bitcoin is currently trading at $30,677. The leading cryptocurrency, with the highest market capitalization, has experienced an increase of over 2% within the past 24 hours and a remarkable surge of nearly 17% over the past week.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.