Another Bitcoin Futures ETF Approved by SEC With No Spot Product in Sight

The fund is the second such product filed under the Securities Act of 1933 to gain agency approval

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • “We do believe that today’s news puts us closer to an eventual [spot bitcoin ETF] approval,” Valkyrie’s CIO told Blockworks
  • The SEC approved a similar fund by asset manager Teucrium last month

The SEC has signed off on the second bitcoin futures ETF filed under the same regulation that spot bitcoin ETF hopefuls have relied on — albeit unsuccessfully, so far.

Valkyrie Investments is eager to bring to market its recently approved Bitcoin Futures Fund (XBTO), Chief Investment Officer Steven McClurg told Blockworks via email. The vehicle was filed under the Securities Act of 1933 (’33 Act).

The firm did not immediately comment on a launch date.

The SEC first allowed ETFs that invest in bitcoin futures contracts to launch last October. ProShares was first to market with such a product, and Valkyrie and VanEck followed with similar funds. The three products were filed under the Investment Company Act of 1940 (’40 Act).

Regulators approved the first bitcoin futures ETF filed under the ’33 Act, from fund group Teucrium, last month.

Grayscale Investments CEO Michael Sonnenshein said at the time the ruling weakens the SEC’s argument to deny spot bitcoin ETFs, noting that the agency previously cited differences between the ‘40 Act and ‘33 Act as a rationale for denial. Grayscale is seeking to convert its Bitcoin Trust (GBTC) to an ETF, and an SEC decision on the proposal is expected in July. 

Valkyrie is one of a handful of ETF issuers aiming to bring to market a product that invests directly in bitcoin. Though such investment vehicles exist in Canada, Europe and Latin America, regulators in the US have so far denied all attempts to launch such an ETF. 

“As for a spot Bitcoin ETF, we do believe that today’s news puts us closer to an eventual approval, but would hesitate to put a timeline on such a decision and are instead keen to continue working with regulators to help further satisfy warranted concerns and collaboratively work towards progress in this rapidly evolving asset class,” McClurg said. 

Though crypto firm executives remain unsure when the agency could approve a spot bitcoin ETF, most believe one won’t launch until 2023 at the earliest.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

Research Report Templates.png

Research

An overview of the Base Ecosystem, with a focus on market leaders.

article-image

Although bitcoin hitting $120k by year’s end is looking unlikely

article-image

About 270 million HYPE has been claimed, valued around $7.6 billion

article-image

Stanford professors David Mazières and Dan Boneh will lead the lab alongside a cohort of graduate student researchers

article-image

With more companies holding BTC, bitcoin yielding strategies could become “a new corporate finance norm,” CoinShares posed

article-image

The proposal comes after Polygon governance considered a controversial use of bridged liquidity for yield

article-image

Can the community balance its decentralized ethos with the need for inclusivity and constructive debate?