Bitcoin ETF Proposal Withdrawn
Commentary by Christian Larson
The Chicago Board Options Exchange ("Cboe") withdrew a proposal for a Bitcoin exchange-traded fund ("ETF") issued by the VanEck SolidX Bitcoin Trust.
The SEC stated that the proposal to publicly list shares of the Bitcoin trust had been withdrawn on September 13, 2019. This is the second time Cboe has withdrawn a Bitcoin ETF proposal; a similar proposal was previously withdrawn in January 2019.
Commentary
The January 2019 withdrawal of the proposed ETF was ostensibly due to the lack of available government officials during the long government shutdown. The consensus among commentators this time around is that the withdrawal was made to avoid an expected rejection by the SEC. Other Bitcoin ETF proposals are pending before the SEC, but there has been no indication to date that the Commission is prepared to grant approval.
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