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

May 5, 2022 03:30 pm

Blockworks exclusive art by axel rangel

“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.

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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.

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