SEC Approves 3x Bitcoin Futures ETF Listing

Odaily News: The U.S. Securities and Exchange Commission (SEC) has approved a rule change by Cboe BZX Exchange to allow investment management firm Volatility Shares LLC to issue a 3x Bitcoin futures ETF and five other leveraged commodity products.

The product suite also includes a 3x Ether ETF, as well as gold, silver, crude oil, and natural gas products. The Bitcoin strategy aims to achieve 3x the benchmark's daily futures performance, before fees. A 1% increase in the benchmark corresponds to a 3% target gain, while a 1% decline corresponds to a 3% target loss.

The products gain exposure through futures contracts rather than directly holding Bitcoin, and daily compounding may cause long-term performance to deviate from the benchmark's cumulative return. Trading of the products must commence after the registration statement becomes effective, with each product issuing at least 100,000 shares at market open and calculating the net asset value per share daily. (Bitcoin.com News)