July 22, 2024

VanEck and SolidX withdraw their application to launch Bitcoin ETFs

VanEck and SolidX Withdraw Bitcoin Exchange-Traded Fund (ETF) Launch Application Filed with the CommissionUS Securities and Exchange Commission (SEC).

SEC repeatedly postpones approval decisionapplications VanEck and SolidX, as well as other companies. In August, the Commission again postponed decision-making on ETF applications from Bitwise Asset Management, VanEck / SolidX and Wilshire Phoenix. Note that Bitwise, which is also awaiting approval of its application, is not going to withdraw the paper.

“Historically, getting SEC approval to launchnew and innovative ETFs took years, so we are not surprised by the withdrawal of the application. Bitwise will continue to work on its application and will answer all questions raised by the regulator. We are going to continue to talk about industry progress, ”said Bitwise COO Teddy Fusaro.

Earlier this month, VanEck and SolidX launched a “limited version” of Bitcoin ETFs, however, apparently, the new product did not find popularity among institutional investors.