The Volt Equity ETF, called ETF Volt Crypto Industry Revolution and Tech, which consists of companies related to the Bitcoin industry, is approved by Gary Gensler, chairman of the SEC.
The approval of a new ETF related to the industry Bitcoin (BTC) The approval of the first Bitcoin ETF on US soil by the U.S. Securities and Exchange Commission (SEC) is a step forward for the crypto community, which is eagerly awaiting the approval of the first Bitcoin ETF on US soil this year.
Although the SEC has not confirmed whether or not it will approve an exchange-traded fund for the cryptocurrency The most popular cryptocurrency in the industry, however, took a major step in this direction this week. The US regulator gave the green light to an ETF composed of companies from the Bitcoin revolution, presented by the firm Volt Equity.
Volt Equity shared on its Twitter account a Business Insider post about the financial regulator's authorization for the Volt Crypto Industry Revolution and Tech ETF (BTCR)As the publication notes, this is the closest thing to a “pure” Bitcoin ETF that the SEC has approved so far. This exchange-traded fund will be available on the NYSE Arca exchange.
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ETF for the Bitcoin Industry Revolution
The Volt Equity ETF track the shares of companies directly related to Bitcoin; that is, those that have significant investments and record profits in the cryptocurrency. The company's ETF brings together companies such as MicroStrategy, Tesla, Paypal, Square, Marathon Digital, among many others, which maintain a fairly close and important relationship with Bitcoin, Blockchain and the crypto industry.
The companies mentioned, being directly related to Bitcoin, have been called by the ETF issuing firm «Companies of the Bitcoin Industry Revolution», recognizing and highlighting the importance of cryptocurrency on a global level. Bitcoin has gained ground among banking and financial institutions and many governments around the world, which are beginning to accept that its technology and innovation can be of great benefit to everyone. Recently, the Bank of America recognized that the potential of Bitcoin and cryptocurrencies can make the current financial system more efficient.
On the other hand, governments such as those of Panama, Brazil, Paraguay, Uruguay, Argentina, Tonga, and many others, see in the crypto industry an opportunity for growth, innovation, and development. In the case of El Salvador, this vision is more than evident, being the first country in the world to make Bitcoin its legal tender.
Bitcoin and the SEC
The US SEC has maintained a rather tough and reserved stance towards Bitcoin ETFs. In fact, the crypto community has been waiting for years for the approval of an exchange-traded fund for the market-leading cryptocurrency by the financial regulator, but so far all applications submitted have been rejected or postponed.
However, hopes are renewed now that the date is approaching for the SEC to begin deciding on the Bitcoin ETF proposals submitted since late 2020. The regulator is studying a total of 12 Bitcoin ETFs, including those submitted by firms ProShares and Invesco Galaxy, which could be approved or rejected by the SEC by the end of this month, as indicated by Arcane Research. The Bitcoin ETF proposed by the firm VanEck, in December 2020, could receive the regulator's response in the second week of November.
Source: Arcane Research.
On the other hand, the 4 ETFs presented by investment firms Global X, Valkyrie Investments, WisdomTree Investments and Kryptoin Investment Advisors LLC this year were postponed at the beginning of the month for 45 days.
Bloomberg analyst Eric Balchunas, said last week that it is Bitcoin futures ETFs that may be on the verge of approval. In August, Gensler noted that a Bitcoin futures ETF was feasible in the eyes of the SEC, because it allows its investors to gain exposure to the cryptocurrency without owning the crypto asset directly.
Amid this positive environment with the regulator, Bitcoin is up 24% in the past week, trading above $54.200 and displaying a market capitalization of over $1 trillion at press time.
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