Asset managers push to start bitcoin futures ETFs after SEC signals a path

In the last two weeks, at least five money managers have filed to start bitcoin futures ETFs after Securities and Exchange Commission Chairman Gary Gensler said he'd be open to ETFs that include bitcoin futures rather than holding cryptocurrency directly if they follow the strict rules that mutual funds use. In fact, the first U.S. bitcoin futures mutual fund launched in July. Invesco (NYSE:IVZ), VanEck, ProShares, Galaxy Digital (OTCPK:BRPHF), and Valkyrie Digital Assets have filed plans for bitcoin futures ETFs. Futures allow traders to bet on the movements of an underlying market, such as wheat or copper, rather that on the commodity itself. They trade separately from the underlying asset that the future is derived from. For years, asset managers have been seeking to start bitcoin ETFs, but the SEC has either outright rejected specific bitcoin ETFs and delayed a decision on rule change since at least 2018. Investors were hopeful