VanEck, SolidX withdraw the proposal of Bitcoin ETF from SEC review.

VanEck, SolidX withdraw Bitcoin ETF proposal from SEC review.

As announced, on Tuesday, Cboe BZX Exchange withdrew its VanEck/SolidX bitcoin exchange-traded fund (ETF) proposal.

There was a proposed rule change to publicly list shares of the VanEck SolidX Bitcoin, according to a filing dated Sept. 17.

Meanwhile a number of times, a decision on the proposal had already been delayed and the U.S. Securities and Exchange Commission (SEC) has now faced with a final deadline of Oct. 18 to determine whether to approve or reject bitcoin ETFs expected to have been one of the first in the country.

The news came some weeks after VanEck and SolidX began offering shares of the Trust to qualified institutional buyers who are entities with at least $100 million in assets owned or invested under a Rule 144A exemption.

one “basket” of four bitcoin worth around $40,000 was traded, since announcing the product in nearly three weeks since the first announcement as things just change tremendously with VanEck.

VanEck head of ETF product Ed Lopez stated that the company would continue to pursue an exchange-traded product In an interview on Sept. 4, as he explains that:
“We believe the marketplace and many investors would be better off with a regulated product out there and this is just a small step towards that and presently it happens to be only available to institutions and we strongly have this believe.”

The companies initially withdrew the same ETF proposal in January, after a prolonged government shutdown threatened to force a rejection and now this Tuesday’s filing marks the second time VanEck and SolidX withdrew the proposed ETF again.

Two other bitcoin ETF proposals is being reviewed by SEC. One ETF proposal filed by Wilshire Phoenix, faces an initial deadline at the end of September which includes both bitcoin and U.S. Treasury bonds in the Trust, and while the other, filed by Bitwise Asset Management with NYSE Arca, will face approval or rejection on Oct. 13.
However, for its ETF , BNY Mellon is coming to act as the transfer agent .

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Credits: Omka Godbole

 

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