The NYSE has filed a PDF with the US Securities and Exchange Commission (SEC) to get approval for listing the five Bitcoin ETFs. The Bitcoin ETFs were established by Direxion Asset Management which is a fund provider and they have a record of around $12.5 billion in management. The name of the funds are: 2X Bear, 1X Bear, 2X Bull, 1.5X Bull, and 1.25X Bull. Just like their names describe, the share value of Bull will rise or fall depending on the price of Bitcoin futures. The share value of Bear will go up when the price of Bitcoin futures goes down and will fall when Bitcoin futures increases. If and when the SEC approves this, investors will have massive gains. With massive gains, there will of course be higher risks. Direxion will keep tabs on the Bitcoin futures’ prices daily. Each ETF, except for Bear 1X, will partake in leverage so that returns are aggregated. Basically for each one percent of growth in value of Bitcoin futures, 2X Bull will go up by 2 percent and 2X Bear will go down 2 percent. NYSE’s decision to list these ETFs is shocking, as they were hesitant to do this in the past.
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