The New York Stock Exchange (NYSE) continues to list Bitcoin (BTC)-linked exchange-traded funds (ETF). Volt Equity is the most recent company to introduce such a product on the stock exchange.
Bitcoin Revolution is listed on the New York Stock Exchange
Volt Equity’s Crypto Industry Revolution and Tech ETF will begin trading on Thursday on the NYSE Arca electronic stock exchange. The company’s CEO, Tad Park, told Cointelegraph. The ETF will be available for trading under the ticker symbol BTCR upon market opening.
BTCR will open at $21, a nod to Bitcoin’s limited supply of 21 million BTC. According to the company, the ETF is implementing a management approach based on PlanB’s Bitcoin stock-to-flow (S2F) model. This is an important quantitative model intended to predict the price of BTC.
“We refer to the famous Stock-to-Flow model as input to understand how the impact of Bitcoin’s mining supply due to the planned halvings could affect Bitcoin’s price and when. Based on what we see, we could adjust our mining-related exposure accordingly,” Volt Equity said.
More Bitcoin ETFs are coming
Approved by the US Securities and Exchange Commission in early October, Volt Equity’s product is not a pure Bitcoin ETF. Namely, it is based on companies with significant exposure to Bitcoin.
The ETF follows so-called “Bitcoin Industry Revolution Companies”. Some of these include Michael Saylor’s MicroStrategy, Tesla, Twitter, Square, Coinbase, as well as Bitcoin mining companies, such as Canaan, Bitfarms, and Riot Blockchain. Volt Equity will regularly review the fund’s holdings and allocations “when appropriate” based on research, data and models such as the S2F. park said:
“Bitcoin isn’t just a coin, it’s a revolution that includes miners, companies using it on their balance sheets, and everyday HODLers who want the first digital store of value that cannot be influenced by a government.”
This ETF launch comes shortly after NYSE Arca listed a Bitcoin futures-pegged ETF by investment firm ProShares on Oct. 19. As previously reported, the ProShares Bitcoin Strategy ETF became the first Bitcoin futures-pegged ETF to be launched in the United States.
In mid-October, major cryptocurrency fund Bitwise Asset Management also filed with the SEC to list a pure Bitcoin ETF on NYSE Arca. The SEC has not yet approved an ETF that would track Bitcoin’s price directly.
Major asset manager AXS Investments has two Bitcoin futures ETFs on Wednesday applied for. According to senior Bloomberg ETF analyst Eric Balchunas expected major crypto investment firm Grayscale Investments that the SEC has approved its spot Bitcoin ETF by July 2022.