2nd Bitcoin Mutual Fund Debuts

August 17, 2021

Cboe Vest launched its own Bitcoin mutual fund, a move that may provide a track record for regulators to scrutinize as they mull approval of a Bitcoin ETF.

The Cboe Vest Bitcoin Strategy Managed Volatility Fund (BTCVX) launched Monday, and tracks Bitcoin futures, with active managers moving assets between contracts and cash investments based on expected volatility.

BTCVX is the second mutual fund tracking Bitcoin in the U.S. The Bitcoin Strategy ProFund (BTCFX) was the first to market when it launched in late July.

 

Fund Issuer Filing Date SEC Filing

ProShares Bitcoin Strategy ETF

ProShares Advisors

8/4/2021

Link

Invesco Bitcoin Strategy ETF

Invesco Capital Management

8/4/2021

Link

Bitcoin Strategy ETF

VanEck

8/9/2021

Link

Valkyrie Bitcoin Strategy ETF

Valkyrie Funds

8/11/2021

Link
Global X Bitcoin Trust Global X Digital Assets 7/21/21 Link
ARK 21Shares Bitcoin ETF 21Shares 6/28/21 Link
One River Carbon Neutral Bitcoin Trust One River Digital Asset Management 5/24/2021 Link
Teucrium Bitcoin Futures Fund Teucrium Trading 5/20/2021 Link
Galaxy Bitcoin ETF Galaxy Digital Capital Management 04/12/2021 Link
Kryptoin Bitcoin ETF Trust Kryptoin Investment Advisors 04/9/2021 Link
Wise Origin Bitcoin Trust FD Funds Management  03/24/2021 Link
First Trust SkyBridge Bitcoin ETF Trust First Trust Advisors  03/19/2021 Link
WisdomTree Bitcoin Trust WisdomTree Digital Commodity Services 03/11/2021 Link
NYDIG Bitcoin ETF NYDIG Asset Management 02/16/2021 Link
Valkyrie Bitcoin Fund Valkyrie Digital Assets  01/22/2021 Link
VanEck Bitcoin Trust VanEck Digital Assets 12/30/2020 Link

 

Precursor To A Bitcoin ETF?

As of Monday, issuers have filed with the U.S. Securities and Exchange Commission to launch no fewer than 16 ETFs tracking the prime cryptocurrency. Those requests have been held up by questions as to whether investors can be protected against the volatility of digital assets, which derive their value almost solely through speculation.

Bitcoin in particular has been the poster child for hypervolatile assets, climbing from about $30,000 in late January to as much as $63,000 per token in mid-April before suffering a vicious drawdown through much of May.

BTCVX and BTCFX could end up as test cases ahead of approval of the first set of Bitcoin ETFs, because they provide exposure to the currency’s future prices, which are likely to be less volatile than a physically backed fund that’s subject to the whims of spot pricing.

SEC Chairman Gary Gensler said as much earlier in the month during a speech at the Aspen Security Forum, where he said an ETF that follows the agency’s rules on mutual fund construction could provide the necessary protections for investor use.

Contact Dan Mika at [email protected], and follow him on Twitter

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