The Chicago Board Options Exchange (Cboe) has applied for the Vaneck Bitcoin Trust to be listed as an Exchange Traded Fund (ETF) if the fund has been approved by the US Securities and Exchange Commission (SEC). Registration Form 19b-4 would allow Cboe to “List and trade shares in the Vaneck Bitcoin Trust” if approved by financial regulators.
Cboe wants to list the Vaneck Bitcoin Trust BZX
On March 1, 2021, the largest US options exchange, Cboe, took place submitted a registration with the US SEC to list shares in the Vaneck Bitcoin Trust under the ticker “BZX”. The registration written by Cboes Associate General Counsel indicates that the shares may be redeemable for redeemable shares Bitcoin (BTC). The Cboe registration is based on the Vaneck proposal, which the company requested on December 30, 2020.
New York-based investment management firm Vaneck applied to the SEC in late 2020 after successfully listing a crypto ETF in Europe. The announcement in December revealed that the fund’s shares will be traded in Cboe.
“The Vaneck Bitcoin Trust (the” Trust “) is an exchange traded fund that issues common stock of economic interest (the” Shares “) traded on the Cboe BZX Exchange Inc.,” Vaneck said at the time.
So far, however, U.S. financial regulators have not approved a U.S. Bitcoin-based ETF and have declined numerous filings over the years. Last month, the Bitcoin ETFs Evolve and Purpose were listed in Canada and referred to as the “first North American Bitcoin ETFs”. Vaneck is also facing ETF competition as many others have recently applied for a US-based Bitcoin exchange-traded fund.
Competitors and Cboe’s continued interest in cryptocurrency
The New York Digital Investment Group (NYDIG) has registered for a Bitcoin ETF and named Morgan Stanley as a participant in the SEC filing. In late January, Valkyrie Digital Assets also submitted an ETF registration proposal called Valkyrie Bitcoin Trust in the hope of listing the fund on the New York Stock Exchange (NYSE).
In addition, Cboe applied for a potential Bitcoin-based ETF in 2018 and initiated the first regulated Bitcoin futures markets in December 2017. Both crypto projects were eventually deleted from Cboe’s playbook. In March 2019, Cboe also discontinued its Bitcoin-based futures and ether futures.
In its most recent attempt at Vaneck’s prospective ETF listing, Cboe shows that the company remains keenly interested in the cryptocurrency industry.
What do you think of Cboe’s filing to list the Vaneck Bitcoin Trust if the SEC approves the ETF? Let us know what you think on this matter in the comments section below.
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