The US Securities and Exchange Commission (SEC) has approved the 2x Bitcoin Strategy ETF (BITX), making it the first leveraged crypto exchange-traded fund in the country. BITX offers investors exposure to Bitcoin futures without owning them directly. The ETF seeks results that correspond to the two times return of the Chicago Mercantile Exchange (CME) Bitcoin Futures Daily Roll Index. The approval marks a significant move for the crypto industry, as the SEC has traditionally prevented the launch of spot-based ETFs. The news was welcomed by Stuart Barton, the Chief Investment Officer of Volatility Shares.
AI Sentiment: Positive