VanEck, SolidX Withdraw Bitcoin ETF Proposal From SEC Review

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

According to a filing dated Sept. 17, a proposed rule change to publicly list shares of the VanEck SolidX Bitcoin Trust was withdrawn on Sept. 13. A decision on the proposal had already been delayed a number of times, and the U.S. Securities and Exchange Commission (SEC) faced a final deadline of Oct. 18 to determine whether to approve or reject what could have been one of the first bitcoin ETFs in the country.

The news comes just weeks after VanEck and SolidX began offering shares of the Trust to qualified institutional buyers (entities with at least $100 million in assets owned or invested) under a Rule 144A exemption. In the nearly three weeks since first announcing the product, one “basket” of four bitcoin (worth around $40,000) was tktk

In an interview on Sept. 4, VanEck head of ETF product Ed Lopez told CoinDesk that the company would continue to pursue an exchange traded product, explaining:

“We still strongly believe the marketplace and many investors would be better served to have a regulated product out there and this is just one small step towards that and right now it happens to be only available to institutions.”

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

VanEck director of digital asset strategies Gabor Gurbacs image via CoinDesk archives

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Source: Coindesk

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