Tuttle Capital Management Seeks Approval for Bitcoin ETFs
Tuttle Capital Management has submitted applications for six new Bitcoin exchange-traded funds (ETFs) to the U.S. Securities and Exchange Commission (SEC). The proposed ETFs would offer leveraged and inverse investment options based on the performance of reference spot Bitcoin ETFs. However, SEC approval is still pending.
Bloomberg Intelligence ETF Analyst Henry Jim revealed that Tuttle’s Bitcoin ETFs would initially use the iShares Spot Bitcoin ETF as a reference, but they reserve the right to use other spot Bitcoin ETFs as well. The proposed ETFs include leveraged and inverse options that aim to magnify the daily performance of their reference spot Bitcoin ETF by 150% to 200%.
Goldman Sachs Expected to Join BlackRock and Grayscale
Insider sources report that Goldman Sachs is set to become an authorized participant in Bitcoin ETFs offered by BlackRock and Grayscale. This move would mark the investment bank’s entry into a role currently held by other major financial players like JPMorgan, Cantor Fitzgerald, and Jane Street.
Matrixport Report Speculated as Cause of Market Dip
Bitcoin is currently trading at $42,896, down 4.9% from 24 hours ago. Some attribute this dip to a Matrixport report predicting the SEC’s rejection of spot Bitcoin ETF applications in January and a potential postponement of approval until Q2 2024. However, Matrixport co-founder Jihan Wu defended the analyst’s report and stated that it shouldn’t be solely blamed for the market drop.
Hot Take: Tuttle Capital Pushes Ahead with Bitcoin ETFs
Tuttle Capital Management has taken a proactive approach by filing for six new leveraged and inverse Bitcoin ETFs. While awaiting SEC approval, these ETFs aim to offer investors leveraged and inverse options based on the performance of reference spot Bitcoin ETFs. The move by Tuttle Capital reflects growing interest in Bitcoin and the potential for increased accessibility through ETFs. If approved, these ETFs could provide new opportunities for investors looking to gain exposure to Bitcoin with leveraged or inverse strategies. However, it remains to be seen whether the SEC will grant approval for these innovative investment products.
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