The New York Stock Exchange (NYSE) continues to list exchange-traded funds (ETFs) (BTC) linked to Bitcoin, and Volt Equity becomes the latest company to launch such a product on the stock exchange.
Volt Equity’s Crypto Industry Revolution and Tech ETF will debut on the NYSE Arca electronic exchange on October 28, the company’s CEO Tad Park told Cointelegraph. The ETF will be available to trade at market open under the ticker symbol BTCR.
BTCR will open at $ 21, which is a nod to Bitcoin’s limited supply of 21 million bitcoins. According to the company, the ETF implements a management approach informed by PlanB’s Bitcoin Stock-to-Flow (S2F) model, an important quantitative model intended to predict the price of BTC.
“We are considering the famous Stock-to-Flow model as an input to understand how the impact of the Bitcoin mining offering due to its scheduled halving could affect the price of Bitcoin and when. Based on what we see, we could adjust our mining exposure accordingly, ”said Volt Equity.
Approved by the United States Securities and Exchange Commission (SEC) in early October, the Volt Equity product is not a pure Bitcoin ETF as it relies on companies with high exposure to Bitcoin.
The ETF tracks so-called “Bitcoin Industry Revolution Companies,” including Michael Saylor’s MicroStrategy, Tesla, Twitter, Square, Coinbase, as well as Bitcoin mining companies such as Canaan, Bitfarms, and Riot Blockchain. Volt Equity will periodically review the fund’s holdings and allocations “as appropriate” based on research, data and modeling such as the S2F.
“Bitcoin is not just a currency, it is a revolution that encompasses miners, companies that use it on their balance sheets, and everyday HODLers who want to have the first digital store of value that doesn’t. government, ”Park said.
SEC Chairman Gary Gensler Actually Pro-Bitcoin, Says Volt Equity CEO
The latest ETF launch comes shortly after NYSE Arca listed a Bitcoin futures-linked ETF by investment firm ProShares on October 19. As previously reported, ProShares Bitcoin Strategy ETF has become the first Bitcoin futures-linked ETF to be launched in the United States.
In mid-October, leading crypto fund Bitwise Asset Management also asked the SEC to list a pure Bitcoin ETF on NYSE Arca. The SEC has yet to approve an ETF that would directly track the price of Bitcoin.
Large asset management company AXS Investments applied for two Bitcoin futures ETFs on October 27. Leading crypto investment firm Grayscale Investments expects the SEC to approve its Bitcoin spot ETF by July 2022, according to Eric Balchunas, a senior ETF analyst at Bloomberg.
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