BREAKING: SEC Approves The First Leveraged Bitcoin ETF, BTC Soars Over $31,000

Key Points:

• The SEC has approved the Volatility Shares ETF, the first leveraged crypto ETF, allowing investors to obtain exposure to the cryptocurrency market for half the price of Bitcoin.
• The ETF is correlated to the CME Bitcoin Futures Daily Roll Index and is set to debut on June 27, 2023.
• The approval of this ETF has fueled optimism that the sector is getting closer to winning permission for a spot BTC ETF in the near future, reflected in Bitcoin’s recent surge in price.

The SEC’s clearance of the 2x Bitcoin Strategy ETF, often known as BITX, lays the door for the Volatility Shares ETF to debut on Tuesday, June 27, 2023.

This will make the exchange-traded fund (ETF) the first leveraged crypto ETF to be approved by the SEC. The Volatility Shares ETF will enable consumers to obtain exposure to the cryptocurrency market for half the price of Bitcoin.

According to the prospectus, the ETF would correlate to the CME Bitcoin Futures Daily Roll Index.

Nevertheless, the Bitcoin price topped $31,000 on Friday after reports that Blackrock had filed an application with the SEC for a Bitcoin ETF. With the likes of BlackRock and WisdomTree now betting on the crypto product’s acceptance, the positive attitude around the Bitcoin token is suddenly skyrocketing and reflected in its price.

Bitcoin is now trading at $31,244, having risen by more than 3.6% in the last 24 hours. This is the best price the cryptocurrency has seen since the beginning of the year. Bitcoin has gained an extra 20% in the week to far, adding to its previous gains.

One critical attitude propelling bitcoin development at the moment is the SEC’s recently authorized leveraged Bitcoin ETF product. Volatility Shares Trust submitted the Bitcoin ETF product, and the timing of the acceptance has fueled optimism that the sector is getting closer to winning permission for a spot BTC ETF in no time.

This Bitcoin ETF product is the SEC’s second unique ETF clearance since the Futures Bitcoin ETF from ProShares sparked a wave of similar approvals more than a year ago.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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