ETF issuer Defiance applies to the US SEC to launch a Bitcoin and Ethereum basis trading ETF

Foresight News reported, according to Fortune magazine, ETF issuer Defiance has submitted an application to the U.S. Securities and Exchange Commission (SEC), planning to launch two basis trading ETFs—one linked to bitcoin with the ticker NBIT, and the other linked to ethereum with the ticker DETH. The bitcoin version will purchase funds similar to those of a certain exchange's IBIT and short bitcoin futures on the Chicago Mercantile Exchange (CME). The expected returns come from the price difference between the two markets, which is influenced by factors such as volatility and demand dynamics.