##  [# SEC Approves Valkyrie’s ’33 Act Bitcoin Futures ETF ](/sections/bitcoin-crypto/sec-approves-valkyries-33-act-bitcoin-futures-etf) 

 

# SEC Approves Valkyrie’s ’33 Act Bitcoin Futures ETF 

 

 

 Crypto-focused Valkyrie gets the green light after Teucrium’s ’33 Act approval.



 

 

 

 

 [![DanMika200x200.jpg](/sites/default/files/styles/author_image_icon/public/2023-02/DanMika200x200.jpg?itok=W3yFiWn- "DanMika200x200.jpg")](/contributors/dan-mika) 

[By Dan Mika](/contributors/dan-mika)

 May 06, 2022

 Edited by: Dan Mika

 

 

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Regulators have cleared the path for Valkyrie Investments Inc. to launch the second bitcoin futures ETF under the so-called '33 Act, a structural move that garnered speculation that a spot bitcoin ETF is on the table.

In a [filing](https://www.sec.gov/rules/sro/nasdaq/2022/34-94853.pdf) Thursday afternoon, the SEC approved a rule change request that would allow the Valkyrie XBTO Bitcoin Futures Fund to list, pending the standard regulatory process for filing and launching an ETF.

Teucrium Trading LLC was the [first](https://www.etf.com/sections/features-and-news/sec-approves-teucrium-bitcoin-futures-etf?nopaging=1) to get SEC approval to use the ’33 Act structure, in early April. It has yet to launch the fund.

The ’33 Act approvals are notable, as every [spot bitcoin ETF filing](https://www.etf.com/sections/bitcoin-crypto/current-bitcoin-etf-filing-updates?nopaging=1) that has been submitted and rejected in the U.S. has used that structure instead of the Investment Company Act of 1940, the more popular ETF filing structure that holds larger diversification and investor protection mandates.

The [**ProShares Bitcoin Strategy ETF (BITO)**](https://www.etf.com/BITO), the **[ Valkyrie Bitcoin Strategy ETF (BTF)](https://www.etf.com/BTF)** and the[**VanEck Bitcoin Strategy ETF (XBTF)**](https://www.etf.com/XBTF) all use the ’40 Act structure after regulators allowed those funds to launch last fall.

Bill Cannon, Valkyrie’s head of ETF portfolio management, said in an interview that the firm intends to run the ’33 Act-structured fund alongside its existing ’40 Act fund.

“We expect it to be the structure that will be used for the spot-based ETF,” he said.

*Contact Dan Mika at* [*dan.mika@etf.com*](mailto:dan.mika@etf.com)*, and follow him on* [*Twitter*](https://twitter.com/DanMikaTweets)



 

 

 [ Dan Mika ](/contributors/dan-mika) 

 

 

  Dan Mika is a reporter for etf.com. He has previously covered business for the Ames Tribune and Cedar Rapids Gazette in Iowa, and BizWest Media in…   [View Bio](/contributors/dan-mika)

 



 

 


 Related Topics  [Bitcoin](http://www.etf.com/topics/bitcoin) 

 [Crypto](http://www.etf.com/topics/cryptocurrency) 

 [Active Management](http://www.etf.com/topics/active-management)