The CBOE wants to get back into the crypto sector and applies for the listing of a Bitcoin ETF from Van Eck.
The world’s leading Chicago Board Options Exchange (CBOE) has filed an application to list the Bitcoin fund proposed by asset manager Van Eck
The CBOE filed what is known as Form 19b-4 with the SEC on January 3. Permission to list the ETF was thus applied for. In the form , the CBOE emphasizes the advantages that an ETF would offer small investors over the Bitcoin Supreme spot markets. Including, for example, custody:
„A Bitcoin investment via an ETP also offers certain advantages for small investors compared to buying spot Bitcoin directly. The most important advantage is the use of a custodian to hold the trust’s Bitcoin assets.“
While the CBOE made no mention of who its custodian is, the document states that its custodian is „a trust company chartered with and regulated by the New York Financial Services Authority, NYDFS.“
Once the SEC has formally confirmed that it is considering the application, the regulator has 45 days to provide its decision or to extend the deadline. The SEC can extend its consultation time by up to 240 days before making a final decision.
If approved, the ETF would be the first crypto product offered by the CBOE since February 2019. The CBOE has not offered the Bitcoin futures contracts since then. In December 2017, the CBOE was the first regulated financial institution in the US to offer Bitcoin futures contracts .
The Chicago Mercantile Exchange followed suit a few weeks later
In January, Van Eck applied to the SEC for approval for a Bitcoin ETF. Van Eck applied for a Bitcoin ETF back in 2017. The company has also partnered with SolidX, a blockchain company that has been trying to launch a Bitcoin ETF since 2015. You also applied for a jointly launched ETF in 2018. The joint application was withdrawn in September 2019 and shortly afterwards the two companies parted ways.
However, SolidX has sued Van Eck because of his latest motion. The company claims Van Eck have their product copied .
Van Eck also submitted an application for an ETF on January 21st, which depicts the development of prominent crypto companies . The product would track the price and development of the Global Digital Asset Equity Index. This is operated by the subsidiary MV Index Solutions.
So far, the SEC has not yet approved a crypto ETF product.