Another attempt at a US-approved Bitcoin ETF is on the horizon from the Chicago Board Options Exchange (Cboe). The organization’s application to the SEC aims to build on an earlier S-1 submission initiated by VanEck.
- CryptoPotato reported by the end of 2020 that the US investment giant with about $ 50 billion in AUM, VanEck, has submitted its latest S-1 form to the SEC to establish a Bitcoin ETF called The VanEck Bitcoin Trust.
- The company’s application stated that the ETF’s shares would be traded on the Cboe BZX Exchange if approved.
- Although the Commission has not yet submitted a formal reply, Cboe has rejected the application submit a proposal by itself.
- It serves as an addition to the previous trial because the proposal “builds on VanEck’s previous S-1 filing” and “represents the next step in bringing what may be the first US Bitcoin ETF to market.”
- Furthermore, the archive reads that such a product would “bring certain benefits to retail investors compared to buying spot bitcoin directly. The most notable advantage is the use of the custodian to store the administration’s bitcoin assets. “However, the document did not reveal the guardian’s name.
- The regulator has not yet approved a Bitcoin ETF in the United States because it has so far rejected dozens of applications. VanEck alone has had a couple of attempts before, but each ended with a withdrawal from the company.
- While the United States has not approved a product that tracks the performance of the primary cryptocurrency, the country’s northern neighbor did so earlier this year.
- The Canadian Ontario Securities Commission (OSC) approved an application from Purpose Investments in February and the product accumulated more than $ 400 million in the first weeks of existence.
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