In a widely expected move, the SEC denied VanEck approval for its Bitcoin exchange-traded fund to trade on Cboe Global Markets, marking the first ruling on the subject since the initial Bitcoin futures ETFs launched.
Though many analysts have been predicting an Ether-futures ETF will be the next iteration to reach the market, the physically backed Bitcoin ETF remains the the Holy Grail product.
The first, the ProShares Bitcoin Strategy ETF, accumulated more than $1bn in assets in just days, while the second, the Valkyrie’s Bitcoin Strategy ETF, saw a quieter but still-vigorous reception.
Hester Peirce, a Republican member of the US Securities and Exchange Commission, said at a Bloomberg conference earlier this month that the regulator has been public about why it’s rejected a spot product.