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Despite triggering a price drop, spot Bitcoin ETFs have found a strong investor base in the United States. Inspired by this, companies that were previously hesitant seem ready to enter the industry following the rise. YieldMax has applied to the U.S. SEC to launch a spot Bitcoin ETF called Bitcoin YBIT. After the approval process, the ETF is planned to be traded on the New York Stock Exchange around April 10, 2024, or close to this date.
YieldMax’s ETF Application
YieldMax has made an application to the U.S. Securities and Exchange Commission. The application states that the fund aims to open the way for individuals wanting to invest in the popular cryptocurrency Bitcoin to earn income through products (ETPs) traded on the U.S. listed exchange.
The strategy presented aims not only to limit investors to earning profits but also to indirectly earn income based on the prices of one or more fundamental ETPs associated with BTC.
This ETF uses a synthetic covered call strategy derived from other spot Bitcoin ETFs. Its goals include generating current income and exposure to the performance of spot Bitcoin ETFs. Additionally, the strategy aims to increase returns during periods of increased volatility in the underlying assets.
The most notable aspect is that the fund intended to be launched will not offer direct investment opportunities in Bitcoin or other digital assets.
On the other hand, the fund will also avoid direct investment in derivatives that develop based on the performance of Bitcoin or other digital assets, seemingly steering clear of movements tied to Bitcoin’s “spot” or cash price, as stated in the announcement.
The Google Effect on Bitcoin ETFs
Spot Bitcoin ETFs went through an incredible approval process last month. About 20 days have passed since then, and during this time, spot Bitcoin ETFs continue to host strong entries. In recent developments, rumors are gaining strength that American financial giant Charles Schwab will also step into the Bitcoin ETF market.
Other rumors that have emerged continue to resonate in the market. It is observed that strong companies in the market are starting to keep up with the developments. According to the published report, Google is set to make a historic move by allowing advertisements for spot BTC ETFs on its platform by the end of the month, which has found a wide echo.
On the other hand, as of Monday morning, the price of Bitcoin continues to trade with a neutral outlook above $42,000. The price, which fell to $41,600 overnight, seems to have recovered somewhat.
