The US Securities and Exchange Commission (SEC) has reportedly granted their approval to Valkyrie’s futures exchange-traded fund (ETF) application. 

Specifically, this development reportedly marks another incident of an approval granted by the SEC – who has initially legally recognized futures ETFs, but not for spot ETFs – for an ETF. 

As detailed in the SEC document published on May 5th, the application submission was reportedly finalized under the Securities Exchange Act of 1934 using a 19b-4 form – a similar regulation which spots Bitcoin (BTC) ETF prospects are dependent upon, although success has not been abundant so far. 

In April, the regulatory agency reportedly offered its go-ahead for Teucrium’s Bitcoin futures ETF – marking an unprecedented milestone for a vehicle of that kind securing approval under the ’33 Act.

Initially submitted by Valkyrie in August last year, the Valkyrie XBTO Bitcoin Futures Fund reportedly carries out the tracking of BTC futures contracts.

The agency, likewise, provided the nod to Bitcoin futures ETFs from ProShares and VanEck but so far has rejected every filing submitted to come up with a spot Bitcoin ETF. 

A few nations have reportedly possessed Bitcoin ETFs, including Canada, Europe, and Latin America.

2021 has reportedly witnessed a series of applications for ETFs, with a few firms withdrawing their applications, nominally Bitwise, ultimately leading to the redirection of interest to a spot fund. 

The funds have had a decent performance up to now, regardless of numerous individuals holding out hopes for the success on a larger scale in the future, with the roll-out of a spot ETF.