CHICAGO, IL, September 14, 2022 (GLOBE NEWSWIRE) – Vedder Price is pleased to announce the launch of a new bitcoin ETF registered and regulated exclusively under the Securities Act of 1933 (Securities Act). The Hashdex Bitcoin Futures ETF (Fund) differs from existing bitcoin futures ETFs, which are registered and regulated by the Investment Company Act of 1940.
The Fund is sponsored by Teucrium Trading. Teucrium offers a range of ETFs focused on investor exposure to alternative markets, including markets for agricultural commodities such as wheat and corn. Vedder Price, led by Shareholder Tom Conner, assisted Teucrium in obtaining the necessary regulatory approvals to launch the Fund.
The first necessary regulatory approval was obtaining listing authority from the SEC. The SEC granted approval based in part on the argument that the bitcoin futures market has grown and matured to the extent that its oversight arrangement with the Fund’s Listing Exchange (NYSE Arca) can reasonably be expected identify commercial abuse.
The Fund was the first of its kind to obtain SEC listing approval. This listing approval has broad implications for the industry and signals that this type of ETF will continue to be approved by the SEC. Furthermore, ETF sponsors argued that this approval could open the door to a bitcoin spot ETF because a bitcoin spot ETF would be governed by the same rules as the Fund.
Vedder Price guided Teucrium through the SEC registration process, with the Fund’s filing statement accelerated by the SEC on September 14, 2022. Vedder Price also assisted Teucrium in obtaining the necessary approvals from the National Futures Association.
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