Volt Equity's Bitcoin-related ETF gets SEC OK
The Volt Crypto Industry Revolution and Tech ETF will trade under the ticker symbol BTCR
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Regulators with the Securities and Exchange Commission have given the green light to the Volt Crypto Industry Revolution and Tech ETF, which will trade under the ticker symbol BTCR.
Volt Equity's exchange-traded fund is the first of its kind, offering investors access to companies with significant exposure to Bitcoin, according to the agency.
A representative for Volt Equity did not immediately return FOX Business' request for comment.
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The fund, which cannot invest directly in Bitcoin, will put at least 80% of its net assets in "Bitcoin Industry Revolution Companies", which are defined as those that hold a majority of their net assets in the world's largest cryptocurrency or derive a majority of their revenue or profits directly from bitcoin mining, lending, or transacting. The ETF will also look at indicators such as the Stock-to-Flow model, which evaluates the current stock of bitcoin against the flow of new bitcoin mined that year.
Meanwhile, the remaining 20% of the fund will be invested in more traditional stocks to offset the risk associated with its focused portfolio.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSTR | MICROSTRATEGY INC. | 387.47 | -1.37 | -0.35% |
| MARA | MARA HOLDINGS | 27.42 | +0.50 | +1.86% |
| BITF | BITFARMS LTD. | 2.15 | +0.00 | +0.04% |
Volt Equity CEO Tad Park told Insider that he's considering companies like MicroStrategy, Marathon Digital Holdings and Bitfarms as part of the fund's holdings. Canadian ETFs, private funds and the Grayscale Bitcoin Investment Trust are not included in the "Bitcoin Industry Revolution Companies" designation.
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Volt's ETF approval comes after the SEC said in a filing last week that it would delay its decision on four Bitcoin ETFs — the Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Kryptoin Bitcoin ETF — to Nov. 21, Dec. 8, Dec. 11 and Dec. 24, respectively. Other companies vying for approval of Bitcoin ETFs include Fidelity and VanEck.
Though no Bitcoin ETF applications submitted in the U.S. have been approved to date, SEC chairman Gary Gensler recently expressed his interest in reviewing applications for a bitcoin ETF tied to futures under the Investment Company Act of 1940.
Bitcoin, which is trading around $54,000 per coin as of the time of publication, is up approximately 88% year-to-date, according to CoinDesk.