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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Approval incoming? Valkyrie becomes fourth firm to apply for BTC futures ETF

Asset managers apear hopeful the SEC will be more open to Bitcoin ETFs tied to futures contracts than those focused on the spot markets.

Alternative financial services firm, Valkyrie Digital Assets, has become the latest company to file for a Bitcoin exchange-traded fund (ETF) offering indirect exposure to BTC via cash-settled futures contracts.

According to a draft prospectus dated August 11, the Bitcoin futures contracts will be purchased via a Cayman Island-based subsidiary wholly owned by the fund via exchanges registered with the U.S. Commodity Futures Trading Commission.

The prospectus adds that the fund will initially exclusively invest in Bitcoin contracts that are traded on the Chicago Mercantile Exchange (CME), with the ETF targeting a total notional value of its underlying futures contracts “as close to 100% of the net assets of the fund as possible.”

Valkyrie also filed for a spot Bitcoin ETF under the Securities Act (1933) in April, however the new filing comes one week after SEC chairman, Gary Gensler, suggested he may be open to approving exchange-traded products exposed to regulated BTC futures contracts under the Investment Company Act of 1940.

“When combined with the other federal securities laws, the ’40 Act provides significant investor protections,” said Gensler.

“Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded Bitcoin futures.”

Senior ETF analyst at Bloomberg, Eric Balchunas, noted that Valkyrie is now the fourth asset manager to submit filings for an ETF tied to Bitcoin futures under the 1940 Company Act since Gensler’s speech, following ProShares, Invesco, and VanEck.

Also Read: VanEck takes a new approach with SEC, files for Bitcoin Strategy ETF

Drawing on Gensler’s recent remarks, Balchunas tentatively predicted the funds could receive a verdict from the SEC as early as November.

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