Valkyrie Files 8-A in Key Step for Bitcoin Futures ETF Approval

Valkyrie filed a key form early Friday that signals approval may be just around the corner
The SEC seems to favor the futures-based structure over spot options

As speculation swirls around whether the United States Securities and Exchange Commission will approve a bitcoin futures exchange-traded fund, Valkyrie made an early-morning filing Friday that signals the fund may begin trading soon. 

Valkyrie, who first filed its Bitcoin Strategy ETF in August, filed an 8-A with the SEC. Companies must complete the form before offering securities on an exchange. 

The move very likely means that approval for a bitcoin futures ETF is just around the corner, people familiar with the matter said. 

Valkyrie is joined by ProShares, Invesco and, most recently, Ark Invest and 21Shares in vying for a futures-based ETF approval. The structure seems to be the most favorable option to SEC Chairman Gary Gensler, who has said the futures options provide “significant investor protections.” 

Chair Gensler said during a virtual forum in August that his agency would “look forward” to reviewing ETFs that were limited to investing in bitcoin futures contracts, leading to an explosion of filings. 

The filing Friday comes shortly after the SEC’s investor education account tweeted a link to its guide for investor protection when trading bitcoin futures, first published in June 2021. 

A futures-based ETF approval would be the first of its kind in the US. Issuers have tried to launch a series of different structures over the years, including funds that use leverage or spot bitcoin products. In recent months it became more clear that Chair Gensler would likely favor a futures product given CME’s success with the structure. 

Ahead of the filing, bitcoin reached $60,000 for the first time since hitting its all-time high near $65,000 last spring.

ProShares and Valkyrie declined to comment.

The post Valkyrie Files 8-A in Key Step for Bitcoin Futures ETF Approval appeared first on Blockworks.

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