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Valkyrie’s Bitcoin Futures ETF Receives SEC Consent

by Carolina Lynch
Valkyrie's Bitcoin Futures ETF Receives SEC Consent

Teucrium’s Bitcoin futures ETF, the first of its kind to receive approval under the ’33 Act, received a thumbs-up from the watchdog last month.

The futures exchange-traded fund (ETF) application from Valkyrie has received approval from the Securities and Exchange Commission (SEC) of the United States. The SEC has previously accepted futures ETFs but has not yet acknowledged spot ETFs, which signifies another ETF that has received their approval.

The application was submitted by the Securities Exchange Act of 1934 using a 19b-4 form, according to the SEC document released on Thursday. This is the same statute that spots Bitcoin ETF hopefuls are banking on, though with limited success. Teucrium’s Bitcoin futures ETF, the first of its kind to be licensed under the ’33 Act, received a thumbs-up from the watchdog last month.

The Valkyrie XBTO Bitcoin Futures Fund tracks BTC futures contracts, with its initial filing coming from Valkyrie in August 2021. Several nations, including Canada, Europe, and Latin America, have Bitcoin ETFs. The government, in a similar manner, approved Bitcoin futures ETFs from ProShares and VanEck but has so far rejected all applications to establish a spot Bitcoin ETF.

Many companies withdrew their applications for ETFs for the past year, including Bitwise, which switched the focus to a spot fund. Although the funds have done well so far, many people are hoping that the addition of a spot ETF will lead to even better performance in the future. A spot Bitcoin exchange-traded fund might encourage more financial advisors to use cryptocurrencies, according to a recent Nasdaq poll.

A spot Bitcoin ETF may be accepted by the SEC as early as mid-2023, according to Bloomberg analysts Eric Balchunas and James Seyffart in March. This prediction is based on a proposed revision to the regulator’s guidelines that would redefine the definition of an exchange. But according to the Nasdaq study, only 38% of financial advisers believed it was likely that the SEC would eventually approve a spot cryptocurrency ETF, with 31% disagreeing.

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