Many have been wondering what will happen to the much-desired Bitcoin ETF, given the strong interest from investors and the strong resistance from the SEC.
And while the financial regulator has opened a special office to deal with fintech and cryptocurrency-related proposals for ETFs and new products, the first crypto ETF will go live next week in Switzerland.
The ETF was designed by the cryptocurrency company Amun AG. The ETF will start trading on Six Swiss Exchange in Switzerland early next week, as reported by Mandy Williams from Cryptopotato News. Six Swiss Exchange is actually the fourth largest exchanges in Europe, boasting the remarkable $1.6 billion market capitalization.
The name of the ETF is “HODL”, and it will follow some of the major cryptocurrencies on the market, including Bitcoin, Ripple XRP, Ethereum, Litecoin, etc.
The ETF is indexed and it will allow for the combination of best performing digital coins, in order to maximize the profitability of investors.
The introduction of a crypto ETF is a major milestone for the whole industry, as such a product speaks about the potential stability and adoption of cryptocurrencies.
However, the crypto market is currently in a sort of a free fall, losing around 15-16% of its entire market capitalization in no time. Bitcoin fell to $5,300, while other alt coins dropped by 17% on average.