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VanEck, SolidX Withdraw Bitcoin ETF Proposal

VanEck SolidX BTC ETF

The Chicago Board Options Exchange’s (CBOE) BZX Equity Exchange has withdrawn its proposal before the U.S Securities and Exchange Commission (SEC) VanEck/SolidX Bitcoin (BTC) exchange-traded fund (ETF).

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to a filing dated Sept. 17, a proposed rule change to publicly list shares of the VanEck SolidX Bitcoin Trust was withdrawn on Sept. 13.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 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.

Amid the withdrawal, Gabor Gurbacs, VanEck’s Director of Digital Asset Strategies, stated in a tweet that “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.”

The prospect of a Bitcoin ETF has reached almost mythical status within the cryptocurrency industry. The investment product is widely considered to be the vehicle which will drive Bitcoin to new heights, allowing retail investors to buy into Bitcoin without fussing over purchasing actual bitcoins and holding them in digital wallets.

The SEC is still reviewing two other bitcoin ETF proposals. One, filed by Wilshire Phoenix, would include both bitcoin and U.S. Treasury bonds in the Trust, and faces an initial deadline at the end of September, while the other, filed by Bitwise Asset Management with NYSE Arca, will be approved or rejected on Oct. 13.