CBOE files to list Van Eck’s proposed Bitcoin ETF

The world’s leading stock exchange holding Chicago Board Options Exchange (CBOE) has filed to list the Bitcoin exchange-traded fund proposed by asset manager Van Eck.

CBOE filed a Form 19b-4 on Jan. 3, soliciting the US Securities and Exchange Commission for permission to list the ETF. In this form, CBOE emphasizes the advantages an ETF would offer retail investors over the spot Bitcoin markets, including custody:

“Exposure to Bitcoin via an ETP also offers private investors certain advantages over buying spot Bitcoin directly. The most notable benefit is the use of the custodian to hold the trust’s Bitcoin assets. “

While CBOE did not disclose who its custodian is, the document states that its custodian is a “trust company established and regulated by a custodian [the New York Department of Financial Services]. ”

Once the SEC has officially confirmed that it is considering the application, the regulator has 45 days to deliver its verdict or extend the evaluation period. The SEC can extend its consultation time by up to 240 days before finalizing its decision.

If approved, the ETF would be the first crypto product offered by CBOE since February 2019, as CBOE will then no longer offer Bitcoin futures contracts. In December 2017, CBOE became the first regulated financial institution in the US to offer Bitcoin futures contracts, beating the Chicago Mercantile Exchange by just a few weeks.

In January, Van Eck filed for SEC approval for a Bitcoin ETF. While Van Eck had applied for a Bitcoin ETF back in 2017, the company also teamed up with SolidX – a blockchain company that had been trying to launch a Bitcoin ETF since 2015 – to acquire a jointly issued ETF in 2018 apply The application was withdrawn in September 2019 and the two companies separated shortly afterwards.

However, Van Eck’s recent filing has been the subject of a lawsuit by SolidX alleging that Van Eck had plagiarized its product.

Van Eck applied for an ETF on January 21st that tracks the performance of well-known crypto companies. The product was designed to measure the price and performance of the Global Digital Asset Equity Index operated by its subsidiary MV Index Solutions.

At this point in time, the SEC has yet to approve a crypto ETF product.

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