SEC approves ETF from Volt Equity for bitcoin-focused companies

SEC approves ETF from Volt Equity for bitcoin-focused companies

The US Securities and Exchange Commission has approved Volt Equity's application to launch an exchange-traded fund (ETF) for a basket of stocks of companies "revolutionising the bitcoin industry".

The instrument will be listed on the NYSE Arca under the ticker BTCR in the next few weeks.

80% of AUM will form shares of entities that hold BTC as a reserve asset or derive most of their revenues from mining, lending or making transactions involving bitcoin.

In an interview with Decrypt, Volt Equity founder Ted Park said the ETF will include around 30 companies, including Tesla, Twitter, Square, Coinbase and PayPal.

The Volt Crypto Industry Revolution and Tech ETF does not involve the physical acquisition of the first cryptocurrency.

The fund will have a total annual operating cost of 0.85% of AUM.

Recall that investment firm Invesco has launched two blockchain industry-focused ETFs.

In August, Bloomberg experts predicted the Commission's approval of a bitcoin ETF by the end of October.

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