Industry Updates

Yet another Bitcoin ETF proposal…

George Geddes

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The Chicago Board Options Exchange (Cboe) has not given up on its bid for a Bitcoin ETF.

The board pulled its most recent proposal

for a Bitcoin ETF to the Securities and Exchange Commission (SEC) following the government shutdown which effected the federal agency.

The government shutdown ran from December 22 until January 25, the longest in US history. During this period, the SEC maintained a skeleton team to make sure no deadlines were missed. One deadline which was quickly approaching was the Cboe's last proposal for a Bitcoin ETF by VanEck and Solid X. Cboe decided to pull its proposal as all parties agreed they wanted the SEC to be fully functioning to accurately approve the ETF.

A little over a week after the shutdown was lifted, the Cboe has proposed yet another application. This is now the fourth filing for VanEck and Solid X's ETF.

Before pulling the previous application, the SEC had to give its verdict for the proposal by the end of February. Since it is now a new application, the federal agency has another 240 days to make its decision. To save you some time from counting on your fingers, this means the deadline is now in early October. It could be another eight months before we see a Bitcoin ETF, and this is if the SEC approves the proposal‚ fourth time lucky.

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