The United States SEC (Securities and Exchange Commission) has approved another BTC futures ETF, only the second one ever.
After Teucrium’s ETF received the ‘go-ahead’ last month, Valkyrie’s ETF is set to become the second Bitcoin futures Exchange Trade Fund. However, digital asset followers are still waiting for authorities to accept BTC spot Exchange Trade Funds. When it comes to spot Exchange Trade Funds, those also must submit a similar form when they apply for approval. A BTC-backed Exchange Trade Fund is yet to be approved. Following Teucrium’s futures exchange trade fund and now with Valkyrie’s initiative, there are hopes for such fresh investment vehicles to start a new movement.
Initially, Valkyrie applied for its Bitcoin futures ETF back in August 2021. The company’s go-ahead comes after countries that include Brazil, UAE, Canada, and Europe display a growing trend in approving similar versions. More regions around the globe are starting to approve BTC futures exchange trade funds in 2023, continuing the work from last year.
Despite a number of such ETFs being approved, spot-based ones are currently fighting to get recognized. Furthermore, Bitcoin spot ETFs enjoy plenty of support and many argue for their approval. According to a survey conducted by NASDAQ, people who were asked about how such a product would affect investments answered that, by implementing spot ETFs, BTC and other crypto may turn into habitual investments and financial advisors can even begin to recommend them.
Currently, there are rumours about spot ETFs receiving approval by the middle of 2023.
