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Volatility Shares' 2x Bitcoin Strategy ETF (BITX) is set to make history as the first leveraged cryptocurrency ETF to be introduced in the United States. CoinDesk has reported that the U.S. Securities and Exchange Commission (SEC) recently granted effectiveness to the ETF, confirming its imminent availability to investors.
Volatility Shares Chief Investment Officer Stuart Barton has confirmed that the regulator did not reject the application for the 2x ETF. This positive development clears the path for the ETF's scheduled launch on the upcoming Tuesday.
“It’s exciting to see digital assets in the ETF wrapper,” Barton said.
A leveraged 2x ETF enables customers to acquire bitcoin exposure by investing only half the value of bitcoin.
The ETF's prospectus filing stated that it would closely track the CME Bitcoin Futures Daily Roll Index.
This follows Bitcoin's value steadily surpassing $30,000, fueled by the recent applications for spot Bitcoin ETFs by prominent traditional investment firms such as BlackRock to the SEC.
Despite the existence of various futures-based ETF products in the market, the SEC has consistently hindered the launch of spot products. Additionally, attempts to introduce leveraged bitcoin futures products have also been unsuccessful in obtaining the required approvals for their launch.
Source Coindesk
