The Chicago Board Options Exchange’s (CBOE) BZX Equity Exchange withdrew its bitcoin exchange-traded fund (ETF) proposal before the U.S. Securities and Exchange Commission (SEC) on Tuesday.
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The SEC published a notice confirming the application withdraw for the VanEck/SolidX bitcoin ETF.
The SEC had already delayed their decision but faced a new final deadline of Oct. 18 to either approve or deny the recently withdrawn proposal. No explanation was given regarding the decision.
“We are committed to support Bitcoin and Bitcoin-focused financial innovation,” stated Gabor Gurbacs, Director of Digital Asset Strategies at VanEck.
“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.”
VanEck Associates CEO, Jan Van Eck, stated the company has financial products with exposure to bitcoin, but the products are not currently available to the public.
The VanEck SolidX Bitcoin Trust 144A Shares product will trade over-the-counter and not on a national securities exchange.
The new trust has only garnered the support of a total evaluation of roughly 4 BTC since its launch in the beginning of September.