According to a prospectus filed Oct. 1, the Volt Crypto Industry Revolution and Tech ETF will track the performance of so-called “Bitcoin Industry Revolution Companies” – publicly listed companies that either hold a majority of their net assets in bitcoin, like MicroStrategy (NASDAQ: MSTR), or that make a majority of their profits through mining or building mining equipment, like Marathon Digital Holdings (NASDAQ: MARA).
At least 80% of the fund’s net assets will be invested in crypto stocks. The remaining 20% will be invested in more traditional stocks to offset the risk of the fund’s focused portfolio. The ETF will not hold any cryptocurrencies directly.
The SEC’s approval of the fund, which will trade under the ticker BTCR, comes just days after the regulator delayed its decision on four bitcoin ETFs – GlobalX, WidsomTree, Kryptoin, and Valkyrie – to late November at the earliest
While the SEC kicks the crypto-can down the road, bitcoin ETF applications are piling up: on Friday, BlockFi filed for a bitcoin futures ETF, bringing the number of active pending applications to over a dozen