Pha Shaking Up the TF Game
According to a recent Bloomberg analysis, Pha has submitted to list both X and -X versions of the TF with the United States Securities and Exchange Commission (SEC). The filing was made as a 40 Act by Pha did not hold them directly. Instead, it utilized wrap contracts to expose investors to the cryptocurrency.
Additionally, the filing has many similarities with the XPT Bitcoin TF that Pha introduced earlier. Phaโs XPT Bitcoin TF and XPT Bitcoin TF were designed to offer the ability, innovation, and efficiency of traditional TF to investors seeking leveraged exposure to the BT market. They are non-fundamentalists TF, but they both have their specific utilities.
This is kind of interesting. Pha has filed for X and -X versions of the TFโฆand itโs filed as a 40 Act so they donโt actually hold it but use a wrap contract for the exposure. This is exactly filing a $XBT and that was allowed to launch 75 days on hold. pi.twitt.m/xPFZfmaD
— i Balhna (@iBalhna) April 9, 2024
While โBT offers investors the opportunity to put magnified Bitcoin exposure at a leveraged level with a lower entry risk. BT allows investors to lock in profits when the price of Bitcoin drops by hedging their Bitcoin exposure,โ said a statement from Michael L. Ely, Phaโs .
The Pha XPT TF filing comes after Defiant Investmentโs filing of a leveraged
the Fit TF that will potentially trade end the token THL yesterday.
This TF could potentially commence trading as early as late June. Defiant also launched a X spot Mitatgy (MT) TF, a product that was recently
initialized by Adam Bak.Bak labeled the filing as โawfulโ while questioning its longevity in the market and emphasizing that targeting Mitatgy and ignoring Bitcoin was not a smart play considering the current landscape.
XPT TF Approval Odds
Markedly, the TF has taken the spotlight in the cryptocurrency system as enthusiasts anticipate potential approval from the of the filing. They have been
plating about the commissionโs stance on having a XPT TF, especially in the light of increasing efforts to legitimize the underlying cryptocurrency as an asset.
It appears that the odds of having Pha and Defiantโs filing approved are high but this is not the end for the XPT TF. To highlight this uncertainty,
Playmarket gamblers have placed their bets against the TF approval before May 3rd.
At the moment, the odds of approval on the platform are at 45%. Despite the bear market sentiment, approval odds donโt look promising for XPT TF.
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