In April, the U.S. Securities and Exchange Commission (SEC) approved Valkyrie's Bitcoin futures ETF Teucrium, which is the first such instrument approved under the '33 Act. This is another ETF approved by the SEC, which has previously accepted futures ETFs, but for which there is no sign yet of spot ETFs.
According to an SEC document released May 5, the filing was filed under the Securities Exchange Act of 1934 using a 19b-4 form, the same law that spot Bitcoin (BTC) ETF prospects are relying on—albeit with little success thus far, reported Cointelegraph. Last month, the regulator approved the Teucrium Bitcoin Futures ETF, which is the first such instrument approved under the ’33 Act.
The Valkyrie XBTO Bitcoin Futures Fund, first filed by Valkyrie in August 2021, tracks BTC futures contracts. The agency has also given the go-ahead for Bitcoin futures ETFs from ProShares and VanEck, but has so far rejected all requests to create a Bitcoin spot ETF. There are Bitcoin ETFs in several countries, including Canada, Europe, and Latin America.
There have been numerous applications for ETFs in the past year, with several companies withdrawing their applications. The funds have performed well so far, although many people are hoping for more success in the future with the introduction of spot ETFs. The Bitcoin spot exchange-traded fund is expected to lead more financial advisors to move to cryptocurrencies.
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