SEC Approves Valkyrie’s Bitcoin Futures ETF

The US Securities and Exchange Commission has approved yet another proposal for a futures Bitcoin ETF.

According to the official document, Valkyrie’s XBTO Bitcoin Futures Fund is the latest such product to have secured approval from the SEC.

• Valkyrie XBTO Bitcoin Futures Fund was first filed in August 2021, and its approval follows that of Teucrium. However, the launch date has not been disclosed yet.
• Unlike its Canadian, European, and Latin American counterparts, the US regulatory watchdog has refrained from approving any physically-backed ETF, citing that the Bitcoin market lacks surveillance and may be subject to manipulation.
• However, Bloomberg analyst James Seyffartspeculated that the approval of Teucrium, whose filing falls under the Securities Act of 1933, may potentially pave the way for a much-anticipated spot bitcoin ETF.
• In March, the SEC rejected two proposals – the NYDIG Bitcoin ETF and Global X Bitcoin Trust – to list and trade shares of spot Bitcoin exchange-traded funds.
• Earlier, the CEO of the world’s leading asset manager, Grayscale – Michael Sonnenshein – asserted that his company has “all the options on the table” when it comes to fighting for a Bitcoin ETF approval which may also include taking legal actions against the SEC.
• In a recent interview with Bitcoin proponent Anthony “Pomp” Pompliano, Sonnenshein said a spot Bitcoin ETF continues to be a matter of when, not a matter of if.

“It is tough to put a timeframe on it. We will continue to advocate on behalf of our investors until that approval comes through. In the five-six years that we have been dealing with the SEC and regulators more generally, a lot has changed. Let’s remember that, they have a tough job. It is tough as a regulator to develop really good regulations when the industry and the asset class underneath it, continues to change.”