New Applicant Enters the Spot Bitcoin ETF Space
In an interesting development, a new applicant has approached the U.S. Securities and Exchange Commission (SEC) with the form N1-A, joining the competition for the first spot Bitcoin ETF approval in the United States. This applicant is now part of a growing list that includes Blackrock and Fidelity.
World Funds Trust Files for 6 Spot BTC ETFs
On January 3, 2024, the World Funds Trust submitted filings for six spot Bitcoin ETFs. Tuttle Capital serves as the investment adviser to the Fund. These filings consist of three leveraged and three inverse BTC ETFs. It’s worth noting that these proposed ETFs plan to use the iShares Spot Bitcoin ETF filed by Blackrock. The six proposed spot BTC Daily Target ETFs are:
T-Rex 1.5X Inverse Spot Bitcoin Daily Target ETF
T-Rex 1.5X Long Spot Bitcoin Daily Target ETF
T-Rex 1.75X Inverse Spot Bitcoin Daily Target ETF
T-Rex 1.75X Long Spot Bitcoin Daily Target ETF
T-Rex 2X Inverse Spot Bitcoin Daily Target ETF
T-Rex 2X Long Spot Bitcoin Daily Target ETF
These funds differ from other spot ETFs as they carry higher risk since their goal is to amplify the performance of an exchange-traded fund that replicates Bitcoin’s performance, specifically the Blackrock Bitcoin ETF. For instance, the 1.5X Long Spot BTC Daily Target ETF aims for daily investment results of 150% of the Blackrock BTC ETF.
Blackrock Expected to Receive Approval Soon
Although T-Rex’s filings came later compared to other applicants, such as Ark Invest, 21Shares, and Grayscale, there is anticipation that they, along with Blackrock, will finally receive approval between January 8-10, 2024.
Hot Take: New Spot Bitcoin ETF Applicant Joins the Race
The spot Bitcoin ETF space continues to heat up as a new applicant enters the scene. With the World Funds Trust filing for six spot BTC ETFs, the competition for the first ever spot ETF approval in the United States grows even stronger. These proposed funds aim to magnify the performance of the Blackrock Bitcoin ETF, making them riskier options. As we wait for potential approvals between January 8-10, 2024, all eyes are on these applicants and the SEC’s decision.
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