SEC Approves Teucrium’s Application for a Bitcoin Futures ETF

Teucrium’s Application for a Bitcoin

The US Securities and Exchange Commission has approved an application by Teucrium and NYSE Arca to issue Bitcoin futures exchange-traded fund.

Grayscale Chief Executive Officer, Michael Sonnenshein, has pleaded with the Securities and Exchange Commission to welcome Bitcoin spot ETF as well.

Sonnenshein argues that the commission should treat all the bitcoin futures ETF equally since the Teucrium application was decided based on the 1933 act and not the 1940 act.

The SEC is supposedly declining to approve the spot ETFs because the funds go into the spot ETFs quicker than redeemed. The net impact offers US dollar exit liquidity for investors seeking to liquidate bitcoin positions.

Other futures ETFs approved by the commission include ProShares, VanEck, and Valkyrie bitcoins Futures ETFs.

The news comes after ProShares filed a Short Bitcoin Strategy ETF to track the inverse performance of the bitcoin futures index.

Source: SEC

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