The Chicago Board Options Exchange (CBOE) has applied to list VanEck’s Bitcoin ETF. The 19b-4 application was issued on Monday and became an official confirmation of the exchange’s intention to add the instrument to its platform.
“Our filing builds on VanEck’s earlier S-1 filing dated December 30 and represents the next step in bringing the first US Bitcoin ETF to market,” the CBOE announced.
After the US Securities and Exchange Commission (SEC) confirms the start of consideration of the application, a 45-day period starts, during which the regulator must give an initial response. The SEC can approve, reject the application, or extend the time frame for its consideration. The regulator can postpone the deadlines within 240 days, after which it will have to make a final decision. In the past, the SEC has rejected all Bitcoin ETF applications, including those submitted by VanEck.
A Bitcoin ETF will allow retail investors to invest in crypto in regulated markets without having to buy it directly. In addition, such a product may be of interest to institutions from the standpoint of legal compliance and the convenience of including operations with it in reporting.
Although the American regulator has so far refused to approve the launch of Bitcoin ETFs, similar products have begun to appear in Canada over the past month, and one of them has already approached $ 1 billion in terms of assets under management. Bloomberg analyst Eric Balchunas believes that the approval of Bitcoin ETFs by Canadian regulators indicates that sooner or later their American counterparts will be forced to choose the same path.
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