Securities and Exchange Commission Approves Crypto Stock ETF
It was initially believed that the Securities and Exchange Commission, no matter how strong or significant an application be, would never prove an exchange-traded fund. But the impossible has finally happened as the Securities and Exchange Commission has finally approved an ETF that would track the performance of those companies who invest in Bitcoin. The application which got accepted was submitted by Volt Equity, and the ETF was named Volt Bitcoin revolution; it has just received the green signal from the SEC.
ETF by Volt Equity
With the passing of this specific ETF, the investors will be able to invest in those companies that have direct exposure to Bitcoin, and one such infamous name that comes to mind is MicroStrategy. The ETF by Volt Equity was filed in the June of this year, and there was another request filed with this one which was also an exchange-traded fund that will be speculating the indirect exposure of various companies to Bitcoin. The ETF described these various organizations having direct or indirect exposure with Bitcoin as the Bitcoin revolution companies. Either these companies have amassed significant proportions of cryptocurrency in the past or are deeply invested in Bitcoin mining.
The ETF is directed to invest about 80% of its assets into both national and international companies having a direct relation with Bitcoin investing. One of such companies which the approved ETF will be making contact with is MicroStrategy. Run by Michael Saylor, the business intelligence firm currently owns more than $5 billion worth of Bitcoin, and whenever there is a dip in the market, you will see MicroStrategy buying it. With the ETF just being approved by the Securities and Exchange Commission, it will be going live in the upcoming days in the New York Stock exchange symbolled as BTCR.
This is the most elementary news that could have ever reached the crypto community as there is a breeze of positivity and hope blowing that other applications which got rejected previously could now be seen with a new set of perspectives by the Securities and Exchange Commission. Now with the approval of the first ETF in the United States, it is possible that many others would also be approved in the upcoming months as the Joe Biden administration is working tirelessly to propose a completely new legal framework around the crypto market and its workings.