Tuttle Capital Management has submitted applications for six new Bitcoin exchange-traded funds (ETFs) to the U.S. Securities and Exchange Commission (SEC).
On January 3, Tuttle Capital lodged three distinct N1-A filings with the SEC, outlining its proposed Bitcoin ETFs that are designed to offer leveraged and inverse investment alternatives based on the performance of reference spot Bitcoin ETFs. The approval of these proposals is still pending with the SEC.
Bloomberg Intelligence ETF Analyst, Henry Jim, notes that all of Tuttle’s Bitcoin ETFs plan to “utilize the yet-to-be-launched iShares Spot Bitcoin ETF as the initial reference ETF,” but the company also “retains the right to use other spot Bitcoin ETFs.”
Tuttle Capital’s six proposed ETFs include T-REX 1.5X, 1.75X, and 2X Long Spot Bitcoin Daily Target ETFs, along with T-REX 1.5X, 1.75X, and 2X Inverse Spot Bitcoin Daily Target ETFs. These funds aim to deliver daily leveraged or inverse outcomes, amplifying the performance of their reference spot Bitcoin ETF by 150% to 200%.
The designated effective date for these ETFs has been established as March 18. Presently, Tuttle Capital has not revealed the specific ticker symbols or management fees for these ETFs.
Bloomberg analyst James Seyffart commented, “We have filings for 6 leveraged #Bitcoin ETFs already. Don’t even have a spot ETF approved yet. But @TuttleCapital waits for no one.”
In agreement, Bloomberg analyst Eric Balchunas remarked, “It was only a matter of time…”
Goldman Sachs to Become AP in BlackRock and Grayscale ETFs
Reports suggest that Goldman Sachs is on course to become an authorized participant in Bitcoin ETFs provided by BlackRock and Grayscale. According to information from insider sources, the investment bank’s participation in this capacity signifies its foray into a role currently held by other prominent financial entities, such as Jane Street, JPMorgan, and Cantor Fitzgerald.
Matrixport Report in Spotlight as Bitcoin Sees Market Dip
As of the current writing, Bitcoin is priced at $42,896, as reported by CoinMarketCap, reflecting a 4.9% decrease over the past 24 hours.
Some attribute this downturn to a Matrixport report forecasting that the SEC will reject spot Bitcoin ETF applications in January, with approval potentially delayed until the second quarter of 2024.
Matrixport co-founder Jihan Wu, however, defended the analyst and disputed the notion that the report directly caused the price decline. In a post, Wu stated, “I found out that Matrixport analyst’s report is actually being held responsible for the market crash. It’s too much blame to take.”
He further explained, “Some Matrixport analysts change positions rapidly, reflecting the market’s dynamic nature and inherent uncertainty. Despite potential controversies, I will always support the independence of our analysts.”
