A small exchange-traded fund thatraised eyebrows last month when he changed his symbol to BTC – the three-letter shortcut that almost everyone uses in crypto for Bitcoin – is turning the tide.
The ClearShares Piton Intermediate Fixed Income ETF will revert to the symbol PIFI from May 11, the fund’s issuer said in a statement.brief filing Thursday with the US Securities and Exchange Commission. No explanation was given for the move.
The fund’s initial change to BTC in April sparked speculation ClearShares was set to secure the symbol for a possible Bitcoin ETF, as several companies rushed to secure SEC approval for the first of those products.
This theory gained traction when Grayscale Investments LLC, the company behind the world’s largest cryptocurrency trust, said it was.take a stake in ClearShares. A few days earlier, the firm had announced that it was “100% committed ”to convert the 31 billion dollarsGrayscale Bitcoin Trust in an ETF.
The secondannounced its highly anticipated verdict at the end of last month, pushing the decision whether or not to approve a Bitcoin product to June 17.
Read more: SEC delivers long-awaited Bitcoin ETF decision at least in June
Confusion among stock market investors is nothing new and appears to have intensified as retail traders play an increasingly important role in the stock market. For example, the popularity of Zoom Video Communications Inc. sparked brief rallies in shares of Zoom Technologies Inc., after traders mistook its stock symbol ZOOM for that of the video conferencing company.
5G Edge Acquisition Corp., a New York-based special purpose acquisition company,filed last month for release under the symbol ARK, surprisingly similar to the symbols in Cathie Wood’s popular ETF lineup.
The assets of the Piton Intermediate Fixed Income ETF have nearly doubled to $ 62 million since the change in BTC, with all new flows entering in a single day, shortly after the symbol change.
Spokesmen for Grayscale and ClearShares did not immediately respond to requests for comment.
– With the help of Katherine Greifeld