Share this article
SEC Will Not Approve Leveraged Bitcoin ETF: Report
The report comes two days after Valkyrie Investments filed to offer 1.25x leveraged bitcoin futures ETF.
Updated May 11, 2023, 4:30 p.m. Published Oct 28, 2021, 8:49 a.m.
Make us preferred on Google
The U.S. Securities and Exchange Commission (SEC) will not approve the listing of leveraged bitcoin exchange-traded funds (ETF).
- The SEC instructed at least one prospective ETF provider not to proceed with its plans for a leveraged funds, the Wall Street Journal reported on Thursday, citing a person familiar with the matter.
- The U.S. markets regulator wishes to limit bitcoin-related investment vehicles to those that provide un-leveraged exposure - in others words not comprised of borrowed funds.
- The report emerges two days after Valkyrie Investments filed to offer 1.25x leveraged bitcoin futures ETF.
- After dozens of applications from different providers, the SEC finally approved the listing of a bitcoin futures ETF earlier this month. ProShares’ fund started trading under the ticker symbol BITO on the New York Stock Exchange on Oct. 19. It has contributed to bitcoin’s price surge, leading to the cryptocurrency reaching a new all-time high of over $66,000.
Read more: Direxion Files for Short Bitcoin Futures ETF
STORY CONTINUES BELOW
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Crypto faces fork in the road as Clarity Act support wavers, Bitwise says
The asset manager argued that without federal legislation, the industry has three years to become indispensable before political winds potentially shift.
What to know:
- Bitwise said in a blog post Monday that Polymarket odds for the Clarity Act have fallen from 80% to 50% following industry pushback.
- If the bill fails, Bitwise believes crypto must achieve mass adoption in stablecoins and tokenization to force a regulatory hand.
- The firm anticipates a sharp rally upon the bill's passage, while a failure would likely lead to a "slower ascent" tied to proven utility.
Top Stories
