While the U.S. Securities and Exchange Commission (SEC) is yet to approve the first spot Bitcoin ETF, institutions have already planned to leverage it with other financial instruments.
Tuttle Capital, an exchange-traded fund (ETF) issuer company, filed for six leveraged Bitcoin ETFs on January 3, which will offer users magnified returns.
The firm has submitted three N1-A filings, which investment companies use while creating an open-ended mutual fund.
Bloomberg Analyst James Seyffart highlighted the news, which was initially shared by ETF analyst Henry Jim.
According to Jim, all these leveraged Bitcoin ETFs will use the iShares spot Bitcoin ETF for price reference, while they could also use other ETFs as well. “Initially, the Fund intends to utilize as a reference asset, the iShares Bitcoin Trust although the Fund may use other reference assets,” stated the filing.
The six ETFs proposed by Tuttle Capital include T-REX 1.5x, 1.75x, and 2x Long Spot ETFs, along with T-REX 1.5x, 1.75x, and 2x Inverse Spot Bitcoin Daily Target ETFs. It will all offer up to 200% leveraged investments.
However, the company has not disclosed any ticker or fee related to the ETFs, but it has planned to have an effective date of March 18, 2024.
Tuttle Capital has taken a huge action with proposing the filing and entered the trillions of dollars of crypto market. According to the firm’s official website, it already has 5 ETFs listed in the market.
Also Read: Bitcoin’s Price Surges on Hopes of Imminent ETF Approval
