Please note, this is a summary to the article previously published on PYMNTS.com.
- The Securities and Exchange Commission (SEC) has approved an exchange-traded fund (ETF) for companies holding large amounts of bitcoin, Decrypt reported. The portfolio will include Tesla, PayPal and around 28 other companies.
- The approval comes as the crypto world has been waiting for a pure bitcoin ETF, and the SEC has just taken a step in that direction through the approval of the “Volt Bitcoin Revolution ETF,” according to the report. That fund, managed by Volt Equity of San Francisco, will also include Twitter, which has added bitcoin tipping, and mining companies like Marathon, which also holds the currency in its corporate treasury.
- According to Volt, the fund will be “less volatile” than pure crypto plays, as a fall in bitcoin’s price wouldn’t affect Tesla, PayPal or other such companies, the report stated.