US stock exchange operator CBOE has resubmitted its application to list a bitcoin ETF on one of its trading platforms, just days after the firm withdrew its previous bid.
That bitcoin ETF, the VanEck SolidX Bitcoin Trust, would allow wealthy traders and institutions to invest in bitcoin through a convenient — and familiar — investment vehicle.
VanEck digital asset head Gabor Gurbacs made the announcement on Twitter, noting that it was the product of “[h]ard work from all teams involved.”
CBOE had previously sought approval from the US Securities and Exchange Commission (SEC) to list the VanEck bitcoin ETF, but it withdrew the application on Jan. 23 after the prolonged US government shutdown made it virtually certain that the SEC would fail to greenlight the product before the application’s late February decision deadline.
VanEck had earlier expressed cautious optimism that this bitcoin ETF proposal will be the first to win approval from the SEC, which has among other concerns been hesitant to allow retail investors with greater access to cryptocurrency through SEC-regulated products. This specific ETF addresses that issue by making shares too expensive for all but the wealthiest individuals to trade.
Even if this ETF bid does ultimately succeed, however, it could be a long time before it begins trading on a regulated stock exchange. Historically, the SEC has delayed ruling on crypto ETF applications as long as possible under the law, and today’s filing is just the first step in what will be a months-long process toward its eventual approval or denial.
Indeed, the clock won’t even start running on this application until the proposed rule change is published in the Federal Register, which should occur within the near future.
View the full application below:
SR-CboeBZX-2019-004 by on Scribd
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Last modified: May 20, 2020 12:51 PM UTC