- The exchange-traded product hit the market on June 27
- In the first 15 minutes it raised $500,000
- BITX allows you to invest in BTC with only half the value of the asset
On Friday, June 23, Volatility Shares received conditional approval from the SEC for its 2x Bitcoin Strategy ETF (BITX) trust. This is the first leveraged cryptocurrency exchange product in the U.S.. What’s notable is that sales on this position exceeded $5.5 million in just one day.
What’s more, it was $500,000 in the first 15 minutes, as confirmed by Bloomberg analyst Eric Balchunas.. At the time of writing, the share price for this position is $15,459. Trading opened at $15.57. The ETF is available on Cboe.
We note that the BITX trust allows you to invest in BTC by investing actually only half the market value of the cryptocurrency. That, along with the jump in bitcoin, are likely the main narratives behind the high demand.</nbsp;
There has been a real boom in ETFs in the U.S. over the past month.. BlackRock, WisdomTree, Invesco and Valkyrie applied for registration of the exchange product. Fidelity also plans to do so.
Till now, the SEC has not approved any spot bitcoin-ETF. However, the regulator allowed futures cryptocurrency exchange products on the market.
“Pioneers” in this area were Valkyrie and ProShares.. By comparison, the BITO ETF from the latter has raised about $1 billion in the first 24 hours since it began selling.