The United States Securities and Exchange Commission (SEC) has given the green light to Valkyrie’s futures exchange-traded fund (ETF) application. This represents another ETF that has been approved by the SEC, which has previously accepted futures ETFs, but no sign of spot ETFs yet.

According to the SEC document published Thursday, the application was filed under the Securities Exchange Act of 1934 using a 19b-4 form, the same law that spot Bitcoin (BTC) ETF prospects are relying on — albeit with little success thus far. Last month, the watchdog gave the thumbs-up to Teucrium’s Bitcoin futures ETF, which is the first such vehicle to be approved under the ’33 Act.

First filed by Valkyrie in August 2021, the Valkyrie XBTO Bitcoin Futures Fund tracks BTC futures contracts. The agency, likewise, gave the go-ahead to Bitcoin futures ETFs from ProShares and VanEck but thus far denied all applications to establish a spot Bitcoin ETF. Several countries have Bitcoin ETFs, including Canada, Europe and Latin America.

The past year has seen a slew of applications for ETFs, with several companies withdrawing their applications, such as Bitwise, which redirected attention to a spot fund instead. The funds have performed well thus far, although many people are hoping for greater success in the future with the introduction of a spot ETF. A recent Nasdaq poll found that a spot Bitcoin exchange-traded fund may lead to more financial advisers adopting cryptocurrencies.

Related: Simplify files with SEC for Bitcoin Strategy Risk-Managed Income ETF

According to Bloomberg analysts Eric Balchunas and James Seyffart in March, the SEC could accept a spot Bitcoin ETF as early as mid-2023, based on a proposed amendment to alter the definition of “exchange” within the regulator’s rules. According to the survey by Nasdaq, however, only 38% of financial advisers thought it probable that the SEC would eventually approve a spot cryptocurrency ETF, with 31% disagreeing.

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