CBOE Seeks SEC Approval to List VanEck’s Bitcoin ETF; It Would Be the First In the US
The US might finally get an ETF with the SEC officially on the clock. Crypto-friendly Gary Gensler, likely to be confirmed as the new SEC Chair this week, is also raising the hopes.
CBOE Global Markets have filed with the US Securities and Exchange Commission (SEC) regarding gaining approval to list a Bitcoin Exchange Traded Fund (ETF).
“The Exchange proposes a rule change to list and trade shares of the VanEck Bitcoin Trust,” according to the filing made late on Monday.
As per the document, investing in Bitcoin via an exchange-traded product would offer advantages like access to better custody to retail investors. Gabor Gurbacs, digital asset strategist at VanEck said,
“It’s time for U.S. regulators to step up to the plate and approve a Bitcoin fund. Europeans have ETPs. Canadians have ETFs. ETFs bring many benefits to markets.”
Last month, the first Bitcoin ETF was launched in Canada. Purpose Bitcoin ETF received immense response, selling almost $400 million in shares in its first two days, which has asset managers rushing to launch their own Bitcoin ETFs now.
The first Bitcoin ETF filing was made by Winklevoss twins, founders of the crypto exchange Gemini when the price of BTC was just $99. Today, Bitcoin is trading around $50k.
The SEC has yet to approve a single Bitcoin ETF. But this filing by CBOE has everyone excited and hopeful.
“BOOM: the first 19b-4 filing for a bitcoin ETF in the U.S. Which means the SEC is officially ON THE CLOCK now,” tweeted Eric Balchunas, Senior ETF Analyst for Bloomberg Intelligence.
The SEC has a total of 240 days from the registration to approve or deny the new US Bitcoin ETF filing, putting its deadline at Sept. 28, 2021.
The interesting thing is Gary Gensler, who taught a class on blockchain technology at MIT, is likely to be getting confirmed as the new SEC Chair this week. Gurbacs said,
“Bitcoin & the crypto space deserve transparent, liquid, and regulated ETFs that offer efficient access and appropriate protections. Bitcoin is already ubiquitously available to retail investors. Approving a Bitcoin ETF is the logical choice. American deserves a Bitcoin ETF.”
The price of Bitcoin is keeping under $50,000 after the sell-off last week following a series of bullish news. Citi analysts say that Bitcoin is at a “tipping point,” Goldman Sachs Inc is rebooting its crypto trading desk.