Valkyrie’s Gets SEC Approval for Bitcoin Futures ETF
Good news for Valkyrie which had its XBTO Bitcoin Futures Fund approved by the U.S. Securities and Exchange Commission (SEC).
Its the latest crypto exchange-traded fund (ETF) that received the green light from the regulator. Nevertheless, it is not the holy grail of ETF approvals. A long-awaited Bitcoin Spot ETF is still not available in the U.S. and Valkyrie had its own application denied six months ago.
Valkyrie’s XBTO was filed using the Securities Exchange Act of 1934, filing a 19b-4 form with the SEC. Most of the previously approved bitcoin futures ETFs filed by other companies were under the Investment Company Act of 1940, which differs in its regulatory pathway to approval. Valkyrie is the second ETF to win approval with the older law, following Teucrium. They both also filed under the so-called “33 Act.”
Valkyrie now offers investors the Valkyrie Bitcoin Strategy ETF (BTF), with exposure mainly to Bitcoin futures contracts. In addition, the Valkyrie Bitcoin Trust (VBTC) is only available to accredited investors and invests directly in the flagship cryptocurrency. The firm also recently had its Bitcoin Miners ETF approved for trading on Nasdaq.
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Source: igaming
