In a widely expected move, the SEC denied VanEck approval for its Bitcoin exchange-traded fund to trade on Cboe Global Markets Inc., 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 Holy Grail product.
The first, the ProShares Bitcoin Strategy ETF, accumulated more than $1 billion 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 SEC commissioner, said at a Bloomberg conference earlier this month that the regulator has been public about why it’s rejected a spot product.