The US Securities and Change Fee (SEC) has given the inexperienced gentle to Valkyrie’s futures exchange-traded fund (ETF) software. This represents one other ETF that has been accepted by the SEC, which has beforehand accepted futures ETFs, however no sign of spot ETFs yet.

In keeping with the SEC doc published Thursday, the applying was filed underneath the Securities Change Act of 1934 utilizing a 19b-4 kind, the identical legislation that spot Bitcoin (BTC) ETF prospects are counting on — albeit with little success up to now. Final month, the watchdog gave the thumbs-up to Teucrium’s Bitcoin futures ETF, which is the primary such automobile to be accepted underneath the ’33 Act.


First filed by Valkyrie in August 2021, the Valkyrie XBTO Bitcoin Futures Fund tracks BTC futures contracts. The company, likewise, gave the go-ahead to Bitcoin futures ETFs from ProShares and VanEck however up to now denied all applications to determine a spot Bitcoin ETF. A number of international locations have Bitcoin ETFs, together with Canada, Europe and Latin America.

The previous yr has seen a slew of functions for ETFs, with a number of firms withdrawing their functions, corresponding to Bitwise, which redirected consideration to a spot fund as an alternative. The funds have carried out effectively up to now, though many individuals are hoping for larger success sooner or later with the introduction of a spot ETF. A current Nasdaq ballot discovered {that a} spot Bitcoin exchange-traded fund might result in more financial advisers adopting cryptocurrencies.

Associated: Simplify files with SEC for Bitcoin Strategy Risk-Managed Income ETF

In keeping with Bloomberg analysts Eric Balchunas and James Seyffart in March, the SEC could accept a spot Bitcoin ETF as early as mid-2023, primarily based on a proposed modification to change the definition of “alternate” inside the regulator’s guidelines. In keeping with the survey by Nasdaq, nonetheless, solely 38% of monetary advisers thought it possible that the SEC would finally approve a spot cryptocurrency ETF, with 31% disagreeing.