The Bitcoin ETF confusion and the upcoming SEC ruling

On 10 August 2018, the SEC will announce its decision on whether to approve or reject the Cboe/VanEck/Solid X Bitcoin ETF or extend the period.

As the historic date approaches quickly, both excitement and chaos have spread to the details. There are a lot of rumors and contradictory statements going around about the upcoming Bitcoin ETF decision.

Outdated Bitcoin revolution

On 24 July, CoinDesk reported on the SEC’s decision to postpone the Bitcoin revolution proposed by Direxion. In the article about the Bitcoin revolution they quoted Michael Cohn, Chief Investment Strategist at Atlantis Asset Management.

„That would be insane if they really approved it and I don’t think governments want to go down that road now.“

This quote, which was quoted by the CNBC, was made on January 8 in relation to the Direxion motion. There are several Bitcoin ETF applications, one from CBOE, which is eagerly awaited and whose decision is pending on 10 August, and the other from Direxion, which has been postponed to the latest version. But there is still more interest in the Bitcoin ETFs of the CBOE.

Different Bitcoin profit proposals

Another confusing story is the SEC’s decision date. While the documentation states that the SEC will decide on Cboe’s Bitcoin profit on September 15, 2018, it is important to note that it refers to CboeBZX-2018-001, which proposes to list and trade the shares of the GraniteShares Bitcoin ETF and the GraniteShares Short Bitcoin ETF.

This is yet another request and not the one that attracted the attention of the fintech world, gathered 210 general comments and trickled a rush of euphoria into the Bitcoin market.

The proposal everyone is eagerly awaiting relates to CboeBZX-2018-040, which aims to list and trade shares of SolidX Bitcoin shares (the „Fund“) issued by the VanEck SolidX Bitcoin Trust (the „Trust“) on the Cboe Exchange.

CboeBZX-2018-040 was published on 26 June 2018. It is stated on page 53 that a decision in the form of approval, rejection or extension of the decision deadline is expected within 45 days of publication.

The partnership between Cboe, SolidX and VanEck is relevant to this proposal. SolidX is only one of the few major institutions to have previously filed a Bitcoin ETF with the SEC, while VanEck operates more than 70 ETFs and ETPs. Together, the three companies offer a real opportunity to receive the first Bitcoin ETF.