New York Stock Exchange Looks To Launch Bitcoin ETFs
The reach of cryptocurrency continues to spread as the New York Stock Exchange has filed for permission to launch several Bitcoin related exchange traded funds (ETFs)
The NYSE sent a filing to the Securities and Exchange commission that looks to launch five Bitcoin ETFs.
The full filing can be seen here: https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/rule-filings/filings/2018/NYSEArca-2018-02.pdf
Here are the planned Bitcoin ETFs:
Bull Fund
- 1.25X Fund, 1.5X Fund and 2X Fund
Bear Fund
- 1X Fund, 2x Fund
More Volatility
Just want the doctor ordered...lol. More volatility than Bitcoin already offers.
If you are unfamiliar with 1X or 2X funds, it basically means leverage. So if you buy the 2X Bitcoin Bull Fund - then your exposure is twice the movement. If you own the equivalent of one bitcoin, for example, then a 500 Bitcoin move would make 1k.
Assuming the SEC approves the ETFs the funds would calculated price based of the published price of the CBOE or CME Bitcoin futures.
ETF is Ease of Entry
If these funds to go live it would make if very issue for the average Joe to know get Bitcoin exposure. Purchasing an ETF is something most people already do and are setup for in the stock brokerage account.
What I ponder is if this will bring money into Bitcoin or just flood money into a derivative.
Best Regards,
It it does happen - it would be great news and hopefully there will be more of a positive trend in news and volume.
Time to leave bitcoin I assume.
Work smartly
How many years till the NYSE figures out there is more than one cryptocurrency? Bitcoin-tards.
Good news, lunching of new currencies into the market will enhance and boost the cryptocurrency world, by creating variaty, the more they say, the merrer. I follow and upvote you.
Lunching of new coins is a great idea to enhance and stimulate the cryptocurrency world. I follow and upvote you.
let the games begin