Valkyrie’s application for a Bitcoin futures ETF has been approved by the United States Securities and Exchange Commission. This is another ETF approved by the SEC, which has previously allowed futures ETFs but has yet to approve spot ETFs.
The application was filed using a 19b-4 form under the Securities Exchange Act of 1934, according to the SEC document published Thursday, the same law that spot Bitcoin futures ETF possibilities are banking on — but with limited success so yet. Teucrium’s Bitcoin futures ETF, which is the first of its kind to be allowed under the ’33 Act, received approval from the watchdog last month.
The Valkyrie XBTO Bitcoin Futures Fund was first filed by Valkyrie in August 2021. ProShares and VanEck’s Bitcoin futures ETFs were also approved, however all applications for a spot Bitcoin ETF have been denied so far. Canada, Europe, and Latin America are just a few of the countries that offer Bitcoin ETFs.
SEC may accept a spot Bitcoin futures ETF as early as mid-2023
Several businesses, like Bitwise, which focused attention on a spot fund instead, have withdrawn their applications for ETFs in the last year. The funds have done well so far, but with the addition of a spot ETF, many people are expecting even better results in the future. According to a recent Nasdaq poll, a spot Bitcoin exchange-traded fund could encourage more financial advisors to use cryptocurrencies.
Based on a planned revision to the SEC’s rules to update the definition of “exchange,” Bloomberg analysts Eric Balchunas and James Seyffart said in March that the United States Securities and Exchange Commission may accept a spot Bitcoin ETF as early as mid-2023. According to a Nasdaq poll, only 38% of financial advisers believe the SEC would approve a spot cryptocurrency ETF in the future, with 31% opposing.