More uncertainty surrounds Bitcoin ETF movement as VanEck, SolidX withdraw proposal
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The Cboe BZX Exchange has withdrawn its VanEck/SolidX Bitcoin exchange traded fund (ETF), ahead of a mid-October regulatory deadline.
The withdrawal was noted as part of a September 17 regulatory filing with the US Securities & Exchange Commission (SEC).
It marks a change of plan from the companies involved, after reports that VanEck and SolidX were making placement offers in connection with the fund to qualified institutional buyers.
A Bitcoin-linked ETF has long been touted as a way to attract institutional capital, although the idea has faced consistent pushback from regulators.
VanEck and SolidX made several previous ETF applications, which the SEC consistently postponed, citing concerns around fraudulent activity and accurate price discovery within the existing trading framework.
The VanEck/SolidX proposal was also withdrawn in January when the US government shutdown hampered the regulatory approval process.
Another Bitcoin ETF proposal submitted by Bitwise Asset Management remains active, with the SEC scheduled to hand down its decision by mid-October.
US investment management firm Wilshire Phoenix has also submitted a derivative Bitcoin ETF proposal, based on a Trust which would include both Bitcoin and US government bonds.
By crypto standards, Bitcoin has been trading in a particularly narrow range so far in September, with prices hovering just above $US10,000 ($14,623). The latest ETF withdrawal had little effect on markets during Asian trade.