The investment company VanEck, Cboe and SolidX withdrew their application for stock exchange-traded fund pegged to the bitcoin rate from the US Securities and Exchange Commission.

On 13 September, VanEck, Cboe, and SolidX withdrew their proposal to the US Securities and Exchange Commission (SEC) to change the rules for exchange-based products, which would allow to launch exchange-traded funds (ETFs) pegged to bitcoin. According to the SEC documentation, Cboe Global Markets Inc.'s BZX trading platform withdrew its application to amend the securities laws that would allow BZX to place and trade bitcoin shares issued by VanEck SolidX Bitcoin Trust.

Gabor Gurbacs, director of digital asset strategy at VanEck Associates, tweeted that the company continues “to work closely with regulators and market participants to get one step closer every day” to bitcoin ETFs.

“This is not bad news in my view just a different process,” Gurbacs said later in response to questions from Bloomberg. The institutionally oriented VanEck SolidX 144A Bitcoin product “is a good step toward a full publicly traded ETF,” he said.

A Cboe spokesman told Bloomberg that “after careful consideration in cooperation with our esteemed client, we have decided to withdraw our filing with the SEC to list and trade shares of the VanEck SolidX Bitcoin Trust. We continue to believe there are opportunities for Cboe and our clients in the broader cryptocurrency market, and remain open to pursuing ETP and derivative listings and trading.”

It is expected that when any bitcoin ETF is launched, large institutional investors will come to the cryptocurrency market, and the bitcoin price will jump sharply to tens of thousands of dollars.

In August, SEC once again delayed a decision on approving the application of VanEck and SolidX to launch bitcoin ETF, extending the review period until 18 October. Other similar applications were also delayed.