Cryptocurrencies going mainstream! Bitcoin ETFs may soon hit the market.
The NYSE has asked the SEC to allow it to list five bitcoin-related exchange-traded funds (ETFs) on one of its markets, according to an SEC filing. This move comes after two of its rivals (CME & CBOE) got the approval to allow bitcoin futures trading.
NYSE plans to list five ETFs created by Direxion Asset Management. The ETFs aim to multiply investor returns compared to the bitcoin price movements with a contract validity of one day.
The three ‘Bull Funds’ are categorized as 1.25X, 1.5X and 2X, offering 100 percent, 150 percent and 200 percent returns on the given contract.
The two ‘Bears Funds’ allow investors the chance to leverage against a decline in the value of Bitcoin. The two funds offered are 1X and 2X, offering 100 percent and 200 percent gains should the contract meet its target on the given day of trading.
Wasting no time in sending their application to the SEC, this move shows that there is plenty of interest in Bitcoin by Wall Street money.