SEC approved Teucrium’s Bitcoin futures exchange-traded fund (ETF) in April, making it the first of its kind to be approved under the ’33 Act.
The Securities and Exchange Commission (SEC) of the United States has approved Valkyrie’s futures exchange-traded fund (ETF) application. This is another ETF that has been approved by the SEC, which has previously accepted futures ETFs but has yet to accept spot ETFs.
According to the SEC document, the application was filed under the Securities Exchange Act of 1934 using a 19b-4 form, the same law that spots Bitcoin (BTC) ETF prospects are relying on — albeit with limited success so far. Last month, the SEC approved Teucrium’s Bitcoin futures ETF, the first of its kind to be approved under the ’33 Act.
The Valkyrie XBTO Bitcoin Futures Fund, which was first filed by Valkyrie in August 2021, tracks Bitcoin (BTC) futures contracts. The agency has also approved Bitcoin futures ETFs from ProShares and VanEck but has so far rejected all applications to establish a spot Bitcoin ETF. Bitcoin ETFs are available in several countries, including Canada, Europe, and Latin America.
Several companies have withdrawn their applications for ETFs in the last year, including Bitwise, which has redirected attention to a spot fund instead. The funds have done well so far, but many people are hoping for even better results in the future with the introduction of a spot ETF. According to a recent Nasdaq poll, a spot Bitcoin exchange-traded fund could lead to more financial advisers adopting cryptocurrencies.
According to Bloomberg analysts Eric Balchunas and James Seyffart in March, the SEC could accept a spot Bitcoin ETF as early as mid-2023 based on a proposed amendment to change the definition of “exchange” within the regulator’s rules. However, according to an earlier-mentioned Nasdaq Inc survey, only 38% of financial advisers thought the SEC would eventually approve a spot cryptocurrency ETF, with 31% disagreeing.
