Home » Bitcoin Grayscale CEO pleads Bitcoin spot ETF as SEC backs third BTC Futures ETF Bitcoin Reading 3 min Views 4 U.S. Securities and Exchange Commission has approved another Bitcoin futures ETF. Could this mean a spot ETF is on its way? Institutional investors rejoice, as there is one more way to gain exposure to Bitcoin (BTC). The United States Securities and Exchange Commission (SEC) announced overnight the approval of a fourth Bitcoin futures exchange-traded fund (ETF). Fund group Teucrium is behind the most recently approved Bitcoin Futures ETF. The ETF joins a growing number of approved futures ETFs, complementing ProShares, Valkyrie and VanEck Bitcoin Futures ETFs. The SEC filing for the Teucrium ETF. Source: SEC.gov Every Bitcoin spot ETF has been rejected to date. For one invested observer, however, the way in which the approval was made could be a boon for expectant spot investors. The plot thickens on the path to $GBTC’s spot #Bitcoin #ETF conversion… — Sonnenshein (@Sonnenshein) April 7, 2022 In a Twitter thread, Grayscale CEO Michael Sonnenshein once again banged the drum for a Bitcoin spot ETF. 71st on the list of Cointelegraph’s Top 100, Sonnenshein manages the Grayscale Bitcoin Trust, one of the main avenues for buying Bitcoin in the traditional world. Sonnenshein tweeted that “if the SEC is comfortable with a Bitcoin futures ETF, they must also be comfortable with a spot Bitcoin ETF.” His argument surmises that as “all Bitcoin futures ETFs are created equal” and that the Teucrium falls under a 1933 act and not the 1940 act, which the other three ETFs fall under, then the argument for filing a Bitcoin spot ETF becomes “stronger.” Therefore, if the SEC is comfortable with a #Bitcoin futures #ETF, they must also be comfortable with a spot Bitcoin ETF. And they can no longer justifiably cite the ‘40 Act as being the differentiating factor. — Sonnenshein (@Sonnenshein) April 7, 2022 Sonnenshein has been a proponent and protagonist for the creation of a Bitcoin spot ETF for some time. The company shared plans to convert the GBTC Trust into an ETF in October 2021. With over $35 billion in assets under management, the GBTC Trust is the largest in the legacy finance world — the conversion to a spot ETF would be consequential. Bloomberg analyst Eric Balchunas shares his view that it‘s a “good sign for spot,” meaning a Bitcoin spot ETF. JUST IN: SEC Approves Teucrium Bitcoin Futures ETF. Notable bc it was filed under the 33 Act, which Genz has said doesn't have enough inv protections vs 40 Act. So poss this is good sign for spot, altho we still think exchanges need regs bf he will green light. h/t @CoinDesk pic.twitter.com/SZMkuMrASc — Eric Balchunas (@EricBalchunas) April 6, 2022 Related: SEC rejects ARK 21Shares spot Bitcoin ETF application However, while investors wait with bated breath for a Bitcoin Spot ETF, analyst Doomberg suggests that the issue may not relate to different acts but due to the fact that futures contracts are “settled in cash.” Gary Gensler, Chair of the SEC, may in fact be blocking the spot ETFs because “as long as funds flow into spot ETFs faster than they are redeemed, the net effect provides US dollar exit liquidity to those looking to cash out their Bitcoin.” In the meantime, ProShares recently filed with the SEC for its Short Bitcoin Strategy ETF as the Bitcoin spot ETF saga continues.