The US Securities and Exchange Commission (SEC) has approved Valkyrie’s XBTO Bitcoin Futures Fund.
Valkyrie filed her application using the Securities Exchange Act of 1934 and filled out a 19b-4 form for the regulator. Most of the Bitcoin futures ETFs that the SEC had previously approved were covered by the Investment Company Act of 1940.
Valkyrie is the second ETF approved by the old law, after Teucrium. Both companies managed to get approval under the “33 law”.
The company will present its investors the Valkyrie Bitcoin Strategy ETF. However, Valkyrie Bitcoin Trust (VBTC) will only be open to accredited investors.
Spot Bitcoin ETF Waiting Continues
The SEC continues to reject spot Bitcoin ETF applications despite accepting futures Bitcoin ETFs. The regulator has so far rejected all spot Bitcoin ETF applications as too risky for investors.
GrayScale CEO Michael Sonnenshein recently stated that if the SEC rejects their next application, they can file a lawsuit.
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