The VanEck/SolidX Bitcoin exchange-traded fund (ETF) proposal has been withdrawn for the second time by the CBOE’s BZX Equity Exchange, according to a filing from 17 September.
On Tuesday, the U.S. Securities and Exchange Commission (SEC) published a notice which informed the public that BZX has withdrawn its proposed rule change, to publicly list shares of the VanEck SolidX Bitcoin Trust, on 13 September. The SEC, which had delayed their decision on the proposal a number of times, faced a final deadline, to determine whether to approve or reject the Bitcoin ETF, on 18 October. This will not be the company’s final attempt at an ETF, according to a tweet from VanEck’s director of Digital Asset Strategies, Gabor Gurbacs, who said:
Even though the ETF proposal was withdrawn, earlier this month VanEck Securities Corp. and SolidX Management LLC began offering limited Bitcoin ETF to qualified institutional buyers. The companies made use of Rule 144A, which exempted the shares from securities registration, but could only be sold to institutional buyers. For the three weeks after the product was announced, VanEck had issued only four Bitcoins via its new trust focused on institutional investors.
This is the second time that VanEck and SolidX withdrew an ETF proposal. This January, the two companies withdrew their proposed ETF because of the prolonged government shutdown, which threatened a rejection. After the government shutdown drama was over, the ETF was re-submitted.