US to launch STKD Bitcoin & Gold ETF fund to invest in bitcoin and gold

The issuers will be Tidal Investments and Quantify Chaos Advisors

28.06.2024 - 12:15

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What’s new? Tidal Investments and Quantify Chaos Advisors intend to launch an exchange traded fund (ETF) called the STKD Bitcoin & Gold ETF, which will give traders and investors access to both bitcoin and gold without having to buy those assets.

Application with the SEC

What else is known? According to a filing for the US Securities and Exchange Commission (SEC), the managers expect that combining historically unrelated assets can provide share holders with additional benefits:

“By blending assets with low correlation, the Fund aims to reduce the impact of short-term market fluctuations on the overall investment outcome, potentially providing a more stable investment trajectory.”

The ETF will utilize leverage and will not directly invest in bitcoin or gold bullion. Instead, the funds will go into futures and ETFs based on both assets.

According to the filing, the fund will be launched on September 9 this year. However, the ticker symbol and management fees were not specified in the document.

The largest gold ETF SPDR Gold Trust (GLD) with a capitalization of $62 billion is up by 12,7% this year. Among spot BTC ETFs, BlackRock’s IBIT is leading with $18,8 billion in assets. Since the start of trading in January, the growth in the value of shares amounted to 25,2%.

Earlier, State Street and Galaxy Digital announced the launch of a crypto fund for access to shares of crypto firms and ETF shares.

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