Teucrium Trading Submits Bitcoin Futures ETF Application to SEC

ETF provider Teucrium Trading submitted an application Thursday for an exchange-traded fund (ETF) for tracking the futures of Bitcoin (BTC) to the US Securities and Exchange Commission (SEC).

This Bitcoin futures Exchange Traded Fund (ETF) is a type of security that tracks the overall price of Bitcoin futures contracts and cash and cash equivalents (CCE) to enable investors to trade and purchase shares on traditional exchanges circumventing crypto trading platforms.

The document pointed out that the exchange-traded fund aims to provide investors with more cost-effective options to assist investors in the Bitcoin market or price exposure.

If the application successfully approved, the market will trade the ETF  on the NYSE Arca stock exchange ("NYSE Arca") under the symbol of "BCFU".

The US currently struggles to release Bitcoin ETF. American institutions have appealed to the SEC with applications for a Bitcoin ETF, including former House communications director Anthony Scaramucci's Skybridge firm, Fidelity, and Galaxy Digital, to name a few. However, there are more than eight Bitcoin ETF applications awaiting approval from the SEC.

The United States Securities and Exchange Commission (SEC) has recently exercised its right and has postponed its scheduled decision on VanEck’s ETF application from May 3 to June 17.

Although the US Securities and Exchange Commission has not approved any Bitcoin ETF applications yet, Teucrium hopes that the Teucrium Bitcoin Futures Fund (BCFU) would have more application advantages than those ETFs supported by Bitcoin tracks the price of the benchmark Bitcoin futures contracts. Therefore, changes in the price of the shares may vary, changing the spot price of Bitcoin.

In the documents submitted to SEC, Teucrium specifically emphasized that:

"The Fund does not invest directly in Bitcoin."

Gary Gensler, Chairman of the Securities and Exchange Commission, called Bitcoin "a highly speculative investment."  This may indicate that regulators are not ready to support this tool.

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