VanEck-SolidX bitcoin ETF back on the table

Bitcoin exchange-traded fund (ETF) talks are back in action as the Chicago Board Options Exchange (CBOE) recently re-submitted its bitcoin ETF proposal.


According to a Tweet today from Gabor Gurbacs, VanEck’s digital asset director CBOE once again handed in the rule-change for the VanEck-SolidX bitcoin ETF.

The mentioned rule-change looks to allow the VanEck SolidX Bitcoin Trust to issue SolidX Bitcoin Shares for trading and listing on the CBOE BZX Exchange, according to the official filing document.

The filing further detailed,

According to the Registration Statement, each Share will represent a fractional undivided beneficial interest in the Trust’s net assets. The Trust’s assets will consist of bitcoin held by the Trust utilizing a secure process as described below in ‘bitcoin Security and Storage for the Trust’.”

“According to the Registration Statement, the Trust will invest in bitcoin only”, the filing also noted, in addition to many other specifics.

Last week’s withdrawal

Just last week Crypto Insider reported on CBOE’s withdrawal of the proposed bitcoin ETF rule-change, likely a result of the recent U.S. government shutdown.

Today’s news of CBOE’s refiling marks the continuation of a hard-fought battle to list the VanEck-SolidX bitcoin ETF.

Last year’s numerous delays

Before last week’s withdrawal, the public waited patiently for the SEC’s decision on the VanEck-SolidX bitcoin ETF, which was scheduled to occur in February 2019 after seeing numerous delays last year.

Going back to last September, the U.S. Securities and Exchange Commission (SEC) delayed the bitcoin ETF, claiming it needed clarity on cryptocurrency market manipulation.

Bloomberg noted in its September news brief,

The SEC is seeking views on market manipulation — including whether Bitcoin is less susceptible to manipulation than other commodities that back exchange-traded products — as well as surveillance.”

The SEC delayed its decision again in December, claiming it still needed further time to review the situation.

Price reaction?

Oddly enough, last week’s bitcoin ETF withdrawal news did not appear to move bitcoin’s price in any considerable fashion.

Today’s seemingly bullish news also appears to have had little effect on bitcoin’s price as crypto’s largest asset remained close to the $3,400 range.

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As seen on bitcoin’s 4-hour candle chart (Kraken), bitcoin’s price has not seen too much action surrounding Gurbacs’ tweet this morning at 10:44 AM.


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