Controversy about cryptocurrencies makes financial authorities in several countries cautious about any project in this area. Many cryptocurrency funds have tried to obtain approval from the US Securities and Exchange Commission (SEC) for the launch of crypto-related products, but their numerous attempts to get the green light have been stymied. However, there seems to have been a slight shift in this matter.

On Monday, December 9, the SEC approved the launch of the Bitcoin Strategy Fund, whose activity is related to investments in cash-settled Bitcoin futures carried out on regulated cryptocurrency exchanges.

This organization is owned by the New York Digital Investment Group (NYDIG) which manages the fund's assets. The approval entitles the NYDIG Bitcoin Strategy Fund to offer its 2.5 million shares to institutional investors at $10 per share.

Besides, the fund received a BitLicense and a trust charter from the regulator of New York. Now the Bitcoin Strategy Fund can compete with the largest Chicago Mercantile Exchange (CME), which has been the only exchange to offer cash-settled Bitcoin futures contracts in the United States.

As previously reported, until that time, the SEC had rejected a number of applications from other companies offering similar products, including the launch of a Bitcoin ETF from Bitwise. Later, however, the commission members announced their intention to review that application.

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