SEC Approved Another Bitcoin Futures With No Spot Product in Sight

The SEC has approved the second bitcoin futures ETF filed under the same regulation that spot bitcoin ETF aspirants have been relying on – so far, unsuccessfully. Chief Investment Officer Steven McClurg told that Valkyrie Investments is anxious to launch its recently approved Bitcoin Futures Fund (XBTO). The vehicle was filed under the Securities Act of 1933 (’33 Act). A new #Bitcoin Futures ETF has been approved. "We do believe that today’s news puts us closer to an eventual [spot bitcoin ETF] approval." – @ValkyrieFunds CIO, @stevenmcclurghttps://t.co/qv3EqbmoH6 — Blockworks (@Blockworks_) May 5, 2022 A debut date has yet to be announced by the company. Last October, the SEC approved the first ETFs that invest in bitcoin futures contracts. ProShares was the first to market with a fund like this, followed by Valkyrie and VanEck. The Investment Company Act of 1940 (’40 Act) was used to file the three products. Last month, regulators approved Teucrium’s first bitcoin futures ETF, filed under the ’33 Act. The verdict weakens the SEC’s justification for denying spot bitcoin ETFs, according to Grayscale Investments CEO Michael Sonnenshein, who noted that the agency previously highlighted discrepancies between the ’40 Act and the ’33 Act as a reason for denial. Grayscale wants to convert its Bitcoin Trust (GBTC) into an ETF, and the SEC is anticipated to make a judgment in July. Valkyrie is one of many ETF issuers attempting to bri...