The Chicago Board Options Exchange’s (CBOE) BZX Equity Exchange has withdrawn its proposal before the U.S Securities and Exchange Commission (SEC) VanEck/SolidX Bitcoin (BTC) exchange-traded fund (ETF).
On Sept. 17, the SEC published a notice that the CBOE had withdrawn its application for the VanEck/SolidX Bitcoin ETF on Sept.13. Although no reason was given, the decision to withdraw the proposal came just weeks after the firm began offering a limited Bitcoin ETF for institutions.
The SEC had already delayed a decision on the matter, but was facing a final deadline of Oct. 18 to determine whether to approve or reject the Bitcoin ETF. Despite the withdrawal, VanEck’s director of digital asset strategies Gabor Gurbacs stated in a tweet:
“We are committed to support Bitcoin and Bitcoin-focused financial innovation. Bringing to market a physical, liquid and insured ETF remains a top priority. We continue to work closely with regulators & market participants to get one step closer every day.”
The CEO of investment management firm VanEck Associates, Jan Van Eck, said that the company was now offering a financial product with exposure to Bitcoin.
The product offered by the firm is a broker-traded fund and is not currently available to the public, being reserved to institutional investors. Van Eck further specified that it will trade over-the-counter and will not trade on a national securities exchange. The broker-traded fund is called VanEck SolidX Bitcoin Trust 144A Shares.