- Volatility Shares 2x Bitcoin Strategy exchange-traded fund (ETF) (BITX) started trading on Tuesday as the first leveraged crypto ETF in the US.
- The US Securities and Exchange Commission (SEC) allowed the ETF to become effective on Friday and prepared the ground for it to start trading today.
- There are already many futures-based ETF products trading in the US; however, the SEC has consistently prevented the launch of spot products.
Last week, Volatility Shares’ 2x Bitcoin Strategy ETF, which was approved as a leveraged Bitcoin ETF, was launched today: Current data!
Volatility Shares’ ETF Launched
Volatility Shares 2x Bitcoin Strategy exchange-traded fund (BITX) started trading on Tuesday as the first leveraged crypto ETF in the US and has seen approximately $4.2 million in trading volume so far.
According to the data, about $500,000 worth of shares were traded in the first 15 minutes of the ETF. The current share price of BITX is approximately $15.48 and has increased up to 2% to $15.90 since the beginning of the trading session.
The US Securities and Exchange Commission (SEC) allowed the ETF to become effective on Friday and prepared the ground for it to start trading on Tuesday. There are already many futures-based ETF products trading in the US; however, the SEC has consistently prevented the launch of spot products. Other leveraged Bitcoin futures products have also been unable to be launched due to not receiving the necessary approvals.
ProShares’ BITO, the first ETF backed by Bitcoin futures, saw approximately $1 billion in trading volume and collected $570 million in assets on its first day of trading in 2021.
Spot Bitcoin ETF Applications Awaited
After BlackRock, the world’s largest asset manager, applied for a spot Bitcoin ETF on June 15, many institutional companies took action and submitted ETF applications. Among these companies are giants like Invesco, Valkyrie, and WisdomTree.
Finally, it was reported today by familiar sources that Fidelity Investments will also launch a spot Bitcoin ETF, but this development has not been confirmed yet.
The US Securities and Exchange Commission has not yet responded to spot Bitcoin ETFs, but the crypto community seems to believe that ETFs will be approved as Bitcoin has been holding above $30,000 for days, showing a bullish outlook.
