Globally main alternate holding firm, Chicago Board Choices Alternate, or CBOE, has filed to record the Bitcoin exchange-traded fund proposed by asset supervisor, Van Eck.
CBOE filed a Kind 19b-4 requesting permission to record the ETF from the U.S. Securities and Alternate Fee on Jan. 3. Within the form, CBOE emphasizes the advantages an ETF would provide to retail traders over the spot Bitcoin markets, together with custody:
“Publicity to bitcoin by means of an ETP additionally presents sure benefits for retail traders in comparison with shopping for spot bitcoin immediately. Probably the most notable benefit is using the Custodian to custody the Belief’s bitcoin belongings.”
Whereas CBOE didn’t reveal who its custodian is, the doc notes its custodian is “a belief firm chartered and controlled by [the New York Department of Financial Services].”
As soon as the SEC has formally acknowledged it’s reviewing the appliance, the regulator has 45 days to ship its verdict or prolong the evaluation deadline. The SEC can prolong its deliberation interval for as much as 240 days earlier than finalizing its determination.
If accepted, the ETF can be the primary crypto product provided by CBOE since February 2019, with CBOE having then ceased offering Bitcoin futures contracts. In December 2017, CBOE grew to become the primary regulated monetary establishment in the US to offer Bitcoin futures contracts, beating out the Chicago Mercantile Alternate by simply a few weeks.
In January, Van Eck filed for SEC approval of a Bitcoin ETF. Whereas Van Eck had beforehand filed for a BItcoin ETF in 2017, the agency additionally teamed up with SolidX — a blockchain agency that had been making an attempt to carry a Bitcoin ETF to market since 2015 — to file for a collectively issued ETF in 2018. The joint utility was withdrawn in September 2019, with the 2 corporations parting methods shortly after.
Nonetheless, Van Eck’s newest submitting has grow to be the topic of a lawsuit from SolidX, who alleges Van Eck plagiarized their product.
Van Eck additionally filed for an ETF tracking the performance of prominent crypto firms on Jan. 21. The product would search the worth and efficiency of the World Digital Asset Fairness Index — which is run by its subsidiary MV Index Options.
As of this writing, the SEC is but to approve any crypto ETF product.