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VanEck Withdraws Highly Anticipated Bitcoin ETF Proposal

September 17, 2019

Cboe BZX Exchange has withdrawn its pending VanEck SolidX Bitcoin exchange-traded fund (ETF) proposal.

According to today’s filing, the company withdrew its proposed rule change to list shares of the VanEck SolidX Bitcoin Trust on September 13, scrapping a final deadline of October 18 by the US Securities and Exchange Commission (SEC) that would have delivered either an approval or a rejection of the proposal. Had it been approved, it would have been the first regulated Bitcoin ETF in the US.

Prior to the withdrawal, the Bitcoin ETF had taken several twists and turns, marked by delays and a previous withdrawal in January amidst uncertainty due to an ongoing government shutdown.

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Calling the pursuit of the SEC’s approval “a process”, Gabor Gurbacs, the digital asset director at VanEck says,

“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.”

VanEck is supporting its most recent offering for institutional investors who want exposure to Bitcoin. Shares of the VanEck SolidX Bitcoin Trust are available to accredited investors such as registered investment advisers and hedge funds with more than $100 in assets under management.

The new product, which VanEck describes as a financial instrument that “looks and feels like a traditional ETF,” is not available to retail investors.

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Two more Bitcoin ETF proposals are up for review in the weeks ahead. A proposal submitted by Bitwise Asset Management under NYSE Arca will be decided on October 13.

A “less volatile” ETF, which would hold Bitcoin, short-term US Treasury bills and US dollars, is also pending from New York-based investment management firm Wilshire Phoenix Funds. It faces an initial decision by the end of this month.

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