Volatility Shares Trust targets for list of leveraged Bitcoin futures ETF

An organization at the back of offering cryptocurrency-linked and different exchange-traded finances (ETFs) has filed with the United States Securities and Exchange Commission (SEC) for list stocks of a leveraged Bitcoin futures ETF.

Volatility Shares Trust filed Form 8-A with the SEC on June 23, suggesting that the company used to be making ready to release an funding car the regulator may just imagine a category of securities beneath its purview. The registration remark indexed the Volatility Shares “2x Bitcoin Strategy ETF” under the ticker symbol BITX, which would offer leveraged exposure to Bitcoin (BTC) corresponding to two times the daily performance of the S&P CME Bitcoin Futures Daily Roll Index.

The 2x bitcoin ETF $BITX has become effective, scheduled to launch Tuesday. I was doubtful it would happen but looks like it’s official. Could this be early sign of SEC lightening up? After $BITO release I consider they made previous 2x filers withdraw pic.twitter.com/XXxSt9xypu

— Eric Balchunas (@EricBalchunas) June 23, 2023

At the time of newsletter, the SEC had no longer explicitly denied the Volatility Shares utility for the crypto funding car — a leveraged BTC futures ETF will be the first of its type within the United States. Volatility Shares Trust’s web page mentioned it deliberate to start out buying and selling on June 27 however added the registration remark “has not yet become effective.”

A separate SEC Form N-1A submitting for list stocks of the leveraged Bitcoin futures ETF at the CBOE BZX Exchange mentioned that neither the SEC nor the U.S. Commodity Futures Trading Commission had “approved or disapproved these securities or passed upon the accuracy or adequacy of this prospectus.” The SEC has a trend of denying many crypto-linked ETF programs.

“We cannot comment on what the SEC may or may not do,” a Volatility Shares spokesperson informed Cointelegraph. “What we can say is that the registration statement is now effective, and, in accordance with SEC regulations, we are planning to list BITX for trading.”

Related: BlackRock applies for spot Bitcoin ETF — a US first if authorized

While the U.S. monetary regulator has no longer authorized any spot crypto ETF, it all started permitting ETFs related to BTC futures beginning in 2021, together with the ones from Valkyrie and ProfessionalShares. In May and June, respectively, Valkyrie implemented with the SEC for list its personal leveraged Bitcoin futures ETF in addition to a place BTC ETF.

The submitting got here amid the SEC being entrenched in complaints towards crypto exchanges Binance and Coinbase for alleged unregistered securities choices. Some U.S. lawmakers have known as for the removing of SEC Chair Gary Gensler and his perceived “regulation by enforcement” method to crypto companies and others.

Magazine: Gary Gensler’s task in danger, BlackRock’s first spot Bitcoin ETF and different information: Hodler’s Digest, June 11-17

Update (June 23 at 9:14 PM UTC): This article has been up to date to incorporate a remark from Volatility Shares Trust.