On November 15, 2021, the SEC rejected rule changes that would have allowed the listing and trading of shares of the VanEck Bitcoin Trust ETF. In March 2020, Cboe BZX Exchange Inc, acting as VanEck's exchange partner, filed with the SEC a proposed rule change to list the shares under BZX rule. In its rejection, the SEC explained that it applies the same standard to all proposed changes to list bitcoin-based commodity trusts, which is that all futures-based bitcoin ETFs must be created to prevent manipulative and fraudulent practices. According to the SEC, the VanEck bitcoin ETF did not meet this standard.

The SEC also stated that any entity proposing rule changes to list a derivative securities product must be subject to a surveillance-sharing agreement, which would allow the SEC to obtain information that would deter fraudulent practices within the market and violations of exchange rules and federal securities laws.

On October 15, 2021, the SEC approved the offering of Valkyrie Bitcoin Strategy ETF (BTF) for listing on Nasdaq pursuant to Rule 415 of the Securities Act of 1933 (Securities Act). Valkyrie Digital Assets LLC is the sponsor of the trust and has arranged for the registration of shares for public offering in the US and their listing on the New York Stock Exchange (NYSE). BTF is a bitcoin futures ETF, allowing investors to gain exposure to bitcoin in a regulated investment vehicle instead of buying bitcoin directly. According to Nasdaq, the value of BTF is based on the price movement of bitcoin futures contracts and will exclusively trade in bitcoin front-month futures contracts.

The Valkyrie launch follows the launch last month of the ProShares bitcoin ETF – the first bitcoin ETF permitted by the SEC (see SEC Permits Launch of First Bitcoin ETF).