NYSE had applied for the opening of two bitcoin-ETF

Intercontinental Exchange plans to include to the listing funds which will track the price of bitcoin through futures contracts
21 December 2017   1193

Intercontinental Exchange (ICE) filed an application to the US Securities and Exchange Commission for changing the rules, allowing the launch of two exchange-traded funds (ETF), focused on bitcoin futures. This is reported by CNBC.

As it follows from the application, ICE plans to include to the listing funds ProShares Bitcoin ETF and ProShares Short Bitcoin ETF, which will track the price of bitcoin through futures contracts.

Applications for the launch of ProShares Bitcoin ETF and ProShares Short ETF were filed for the first time in September, but bitcoin futures did not exist yet, and after a while applications were withdrawn. Now, when bitcoin futures appeared on two American exchanges, ProShares expects to receive SEC approval.

By being long Bitcoin Futures Contracts, the Fund seeks to benefit from daily increases in the price of the Bitcoin Futures Contracts. The Fund will not be benchmarked to the current price of bitcoin and will not invest directly in bitcoin. When the price of Bitcoin Futures Contracts held by the Fund declines, the Fund will lose value.

SEC Filing

Since the appearance of futures on the Chicago stock exchanges CBOE and CME, the Securities Commission has refrained from commenting officially on bitcoin-ETF. Analysts and market participants, however, are hoping that the SEC will change its attitude to this instrument, given that the Commodity Futures Trading Commission (CFTC) has given permission to launch futures.

VanEck & SolidX to Withdraw BTC ETF Application

Bitwise and Wilshire Phoenix' Bitcoin applications are still pending
18 September 2019   207

The bid for Bitcoin ETF launch by VanEck and SolidX, considered the most likely candidate for approval, was withdrawn amid continuing uncertainty from the US Securities and Exchange Commission (SEC).

VanEck and SolidX planned to place their Bitcoin ETFs on the Chicago Options Exchange (Cboe). However, as follows from the notification published on Tuesday, on September 13, the latter withdrew the application for a change in the rules, which, if approved, would allow launching the corresponding tool.

Previously, SEC postponed the solution several times at the request of VanEck and SolidX. The last time this happened in August was when the decision on Bitcoin ETFs from Bitwise Asset Management and Wilshire Phoenix was also postponed.

The final deadlines for decision making on Bitwise and VanEck / SolidX applications were on October 13 and 18, respectively. Wilshire Phoenix's decision is due on September 29th.

It should be noted that over the past few years, various companies have sought approval from the SEC to launch exchange-traded funds, but each time the regulator refused. Most often, the reasons for the negative decision were explained by the risks of market manipulations and insufficiently developed market control tools.