Alternative financial services firm Valkyrie Digital Assets has get the latest company to file for a Bitcoin exchange-traded fund (ETF) offering indirect exposure to Bitcoin (BTC) via cash-settled futures contracts.

Co-ordinate to a draft prospectus dated Aug. eleven, the Bitcoin futures contracts will be purchased via a Cayman Island-based subsidiary wholly owned past the fund via exchanges registered with the United States Commodity Futures Trading Committee.

The prospectus adds that the fund will initially exclusively invest in Bitcoin contracts that are traded on the Chicago Mercantile Substitution, with the ETF targeting a full notional value of its underlying futures contracts "as shut to 100% of the net assets of the fund every bit possible."

Valkyrie also filed for a spot Bitcoin ETF under the 1933 Securities Act in Apr. Still, the new filing comes one week later SEC Chairman Gary Gensler suggested he may exist open to approving exchange-traded products exposed to regulated BTC futures contracts under the Investment Company Act of 1940.

"When combined with the other federal securities laws, the 'xl Human action provides significant investor protections," said Gensler.

"Given these important protections, I wait forward to the staff's review of such filings, particularly if those are express to these CME-traded Bitcoin futures."

Eric Balchunas, senior ETF analyst at Bloomberg, noted that Valkyrie is now the quaternary asset director to submit filings for an ETF tied to Bitcoin futures under the 1940 Company Act since Gensler'due south speech, following ProShares, Invesco and VanEck.

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Drawing on Gensler'due south recent remarks, Balchunas tentatively predicted the funds could receive a verdict from the SEC equally early as November.