The fund is one of the few ways for stock traders in the U.S. to gain exposure to the price movements of bitcoin.
The Teucrium fund gained the SEC's nod under laws that may apply to spot ETFs.
Bitcoin is down about 40% from its all-time high, compared with a 10% decline in the Nasdaq 100 Index.
The Grayscale Bitcoin Trust (GBTC) has been trading at a steep discount since last February, but a further widening proved too much for one trading firm.
Traders appeared unfazed by Russia's proposal as bitcoin rose 3% over the past 24 hours.
Bitcoin was roughly flat over the past 24 hours while trading activity in alternative coins increased.
Analysts don't expect a spot bitcoin ETF conversion anytime soon, and in the meantime, investors in the GBTC fund are getting charged fees.
Grayscale Bitcoin Trust and Ethereum Trust AUM have dropped 30% and 22%, respectively over this time period.
The agency is extending its review of two proposals by at least 45 days.
Coinbase says there’s no “rational basis” for not allowing a spot-based exchange-traded product.