Valkyrie Seeks SEC Approval for a Bitcoin Futures ETF
- The SEC Chair earlier said that the agency might consider approving ETFs exposed to regulated BTC futures.
Valkyrie Digital Assets has become the latest American financial services company to file an application with the Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (SEC), seeking approval for a Bitcoin exchange-traded fund (ETF) tied to BTC futures.
Wednesday’s filing came after the SEC Chair, Gary Gensler’s crucial speech in which he suggested that the securities markets regulators will be lenient towards approving the crypto ETFs exposed to the regulated futures contracts.
“When combined with the other federal securities laws, the ’40 Act provides significant investor protections,” Gensler then said last week. “Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term futures.”
Investing in Regulated BTC Contracts
According to the draft prospectus dated August 11, the asset manager will purchase Bitcoin futures contracts from exchanges registered with the US Commodity Futures Trading Commission via its Cayman Island-based subsidiary.
Additionally, it elaborated that the fund will initially invest exclusively into CME Group’s Bitcoin derivatives contracts.
“Under normal circumstances, the Fund will seek to purchase a number of bitcoin futures contracts so that the total notional value of the bitcoin underlying the futures contracts held by the Fund is as close to 100% of the net assets of the Fund as possible,” the filing added.
Valkyrie has already applied for approval for a spot Bitcoin ETF in April, but like all other peers, its application is still under the regulatory agency’s review.
With its latest filing, Valkyrie became the first company to seek permission to list a Bitcoin futures ETF after Gensler’s speech, but it can be anticipated that it will not be the last. Earlier,
ProShares and Invesco approached the SEC with a similar proposal of Bitcoin ETFs exposed to derivatives, both the applications are now under review.
Interestingly, VanEck was the first to push for such a futures-exposed BTC ETF in 2017, but its efforts failed then.
Valkyrie Digital Assets has become the latest American financial services company to file an application with the Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (SEC), seeking approval for a Bitcoin exchange-traded fund (ETF) tied to BTC futures.
Wednesday’s filing came after the SEC Chair, Gary Gensler’s crucial speech in which he suggested that the securities markets regulators will be lenient towards approving the crypto ETFs exposed to the regulated futures contracts.
“When combined with the other federal securities laws, the ’40 Act provides significant investor protections,” Gensler then said last week. “Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term futures.”
Investing in Regulated BTC Contracts
According to the draft prospectus dated August 11, the asset manager will purchase Bitcoin futures contracts from exchanges registered with the US Commodity Futures Trading Commission via its Cayman Island-based subsidiary.
Additionally, it elaborated that the fund will initially invest exclusively into CME Group’s Bitcoin derivatives contracts.
“Under normal circumstances, the Fund will seek to purchase a number of bitcoin futures contracts so that the total notional value of the bitcoin underlying the futures contracts held by the Fund is as close to 100% of the net assets of the Fund as possible,” the filing added.
Valkyrie has already applied for approval for a spot Bitcoin ETF in April, but like all other peers, its application is still under the regulatory agency’s review.
With its latest filing, Valkyrie became the first company to seek permission to list a Bitcoin futures ETF after Gensler’s speech, but it can be anticipated that it will not be the last. Earlier,
ProShares and Invesco approached the SEC with a similar proposal of Bitcoin ETFs exposed to derivatives, both the applications are now under review.
Interestingly, VanEck was the first to push for such a futures-exposed BTC ETF in 2017, but its efforts failed then.