CBOE Is Filing To List The Bitcoin ETF Proposed By VanEck

CBOE is filing to list the bitcoin ETF initially proposed by asset manager VanEck as it is looking to re-enter the crypto sector again so let’s find out more in our latest cryptocurrency news.

The leading exchange holding company, the Chicago Board Options Exchange or CBOE is filing to list the bitcoin ETF that was proposed by asset manager VanEck. CBOE filed Form 19b-4 requesting permission to list the ETF from the US Securities and Exchange Commission. In its filing, CBOE noted the benefits of the exchange-traded fund and how it will offer retail investors better options rather than the spot Bitcoin markets including custody services:

 “Exposure to bitcoin through an ETP also presents certain advantages for retail investors compared to buying spot bitcoin directly. The most notable advantage is the use of the Custodian to custody the Trust’s bitcoin assets.”

While CBOE didn’t reveal the custodian, the document noted that its custodian is a “trust company chartered and regulated by the New York Department of Financial Services.” Once the SEC formally acknowledged that it is revealing the application, it will have 45 days to deliver a decision or to extend the assessment deadline. The SEC can extend the deliberation period of up to 240 days before making a final decision.

If approved, the ETF will be the first crypt product that is offered by CBOE since 2019 with the exchange having stopped offering all BTC Futures contracts. Back in 2017, the exchange became the first regulated financial institution in the country that offered Bitcoin Futures contracts and beat out the CME by a few weeks. In January, VanEck filed for SEC approval for a BTC ETF for a second time. However, it partnered with SolidX which is a well-known blockchain firm that was trying to bring a BTC ETF to the market since 2015 and to file for a jointly issued ETF in 2018. This application however was withdrawn with the two companies parting ways.

VanEcks’ latest filing was the subject of a lawsuit from SolidX, alleging that VanEck plagiarized their product. It also filed for an ETF tracking the performance of prominent crypto firms so now the product will seek the price and performance of the Global Digital Asset Equity Index that runs on MV Index Solutions.