Approval to the account? Valkyrie becomes the fourth company to apply for BTC futures ETF

Valkyrie Digital Assets, an alternative financial services company, has become the latest company to apply for a Bitcoin exchange-traded fund (ETF), which has indirect access to BTC through cash-settled futures contracts.

According to a draft Prospectus The date is August 11, and Bitcoin futures contracts will be purchased through an exchange registered with the U.S. Commodity Futures Trading Commission through a Cayman Islands subsidiary wholly-owned by the fund.

The prospectus added that the fund will initially invest exclusively in Bitcoin contracts traded on the Chicago Mercantile Exchange (CME). The ETF’s goal is that the total notional value of its underlying futures contracts is “close to 100% of its net assets.” Provide funding as much as possible. “

Valkyrie also applied Spot Bitcoin ETF According to the April Securities Act (1933), however, one week after SEC Chairman Gary Gensler stated that he might be willing to approve exchange-traded products exposed to regulated BTC futures contracts under the Investment Company Act of 1940, Submitted new documents.

“When combined with other federal securities laws, the ’40 Act provides important investor protections,” Gensler said.

“In view of these important protective measures, I look forward to staff reviewing such documents, especially if these documents are limited to these CME-traded Bitcoin futures.”

Eric Balchunas, a senior ETF analyst at Bloomberg, pointed out that following ProShares, Invesco and Van Eyck.

Please also read: VanEck and the SEC take a new approach to file documents for the Bitcoin strategy ETF

According to Gensler’s recent remarks, Balchunas initially predicts that these funds may receive an SEC ruling as early as November.