Industry Updates

VanEck withdraws bitcoin ETF proposal for second time

George Geddes

a gold coin in front of a television

VanEck and Solid X have retracted their proposal for a bitcoin ETF with the Securities and Exchange Commission (SEC) in the US.

A filing on Tuesday with the SEC declared the notice of withdrawal for a proposed rule change to list and trade the bitcoin trust.

This is the second time in 2019 the two companies have withdrawn their application. In January, their application was pulled due to fears of receiving an automatic rejection by the SEC when the US government shut down by President Donald Trump.

The withdrawal comes two weeks after VanEck’s launch of its 144A bitcoin shares for institutional investors but has received an underwhelming reception so far. The product only pulled in $41,000 worth of assets in the first week of trading.

There remain two other bitcoin proposals with the SEC by Bitwise Asset Management and Wilshire Phoenix. The SEC extended its verdict on said proposals back in August meaning its decision has been delayed until later this month for Wilshire Phoenix and 13 October for Bitwise.

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