Analytics / Forex and Crypto News
Cboe BZX Exchange Inc., without waiting for the decision of the US Securities and Exchange Commission, scheduled for October 18, September 13, again withdrew the application sent to the SEC to amend the exchange rules for listing and trading in shares issued by Bitcoin Trust VanEck Solidx. If the proposals were approved, this would make it possible to register a Bitcoin-based exchange-traded fund (ETF) supported by the Bitcoin Trust VanEck Solidx under the rules of trust management based on commodities.
The proposal was submitted to the SEC last June and then withdrawn in January in connection with the shutdown, and again reapplied after resolving the closure of the government.
All this time, the SEC expressed concern about the fact that the Bitcoin ETF does not comply with the federal rules for the exchange of securities, and was also worried about the weak cryptocurrency liquidity, the level of security, the problems of cryptocurrency market price manipulation.
But it seems that the reason for the withdrawal of the application was the banal lack of demand for the fund's shares, the value of which is expressed in Bitcoin, from institutional investors (hedge funds, banks, large brokerage companies).
The decision to withdraw the application appeared a few weeks after VanEck and SolidX began to offer shares in the trust to qualified institutional buyers - investors that can invest at least $100 million. Within almost three weeks since the first product announcement, one “basket” of four BTC was sold, which amounted to $40 000 in current prices at that time.
The SEC is still reviewing two Bitcoin ETF applications: Wilshire Phoenix and Bitwise Asset Management with NYSE Arca support.
During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.
According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov