SEC Approves First Bitcoin-Related ETF "BTCR" to Track Holdings in Large Amounts of Bitcoin or Crypto-Related Companies

The U.S. SEC approved a Bitcoin-related ETF application from the San Francisco-based fund company Volt Equity in five batches the day before yesterday. The ETF applied to the SEC in June of this year, primarily tracking companies holding a large amount of Bitcoin or providing Bitcoin-related services.

The Revolution of Cryptocurrency Industry ETF

The ETF launched by Volt Equity, officially named Volt Crypto Industry Revolution and Tech ETF, will be listed on the New York Stock Exchange Arca under the ticker symbol BTCR. This ETF does not directly track the price of Bitcoin, but rather companies associated with BTC, such as MicroStrategy, Tesla, PayPal, Coinbase, Square, and more.

In the application document filed by Volt Equity in June of this year, it was mentioned that the ETF will invest 25% of its assets in MicroStrategy. However, according to Decrypt's report, Volt Equity's founder, Tad Park, stated that this percentage may decrease, with Twitter's introduction of Bitcoin tipping and companies like Marathon, a Bitcoin mining company, also being included. Ultimately, this ETF will consist of approximately 30 companies.

Is the SEC Softening Its Stance?

Although the SEC has not yet approved pure Bitcoin futures or spot ETFs, it may be seen as a softening of the SEC's stance on ETFs compared to before. Tad Park commented on this:

A year ago, an ETF like this was impossible. We hope this is a crack in the dam.

Currently, there are over twenty Bitcoin or Ethereum ETFs under review, and the market investors are eagerly awaiting whether they will gradually be opened in the coming weeks.

Invesco Also Launches Two ETFs

Asset management company Invesco has also collaborated with digital asset service company Galaxy Digital and index provider Alerian to launch two ETFs today, namely the Invesco Alerian Galaxy Crypto Economy ETF and Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF, which will be listed on the Cboe Global Markets stock exchange in Chicago under the ticker symbols SATO and BLKC respectively.

These two ETFs will track indices developed in collaboration with Galaxy Digital and Alerian, with index components including cryptocurrency service and mining companies, but BLKC focuses more on companies developing blockchain technology.