The Chicago Board Options Exchange (CBOE) has filed an application for a bitcoin-based exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). The SEC has requested public feedback regarding CBOE’s prospective ETF.
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CBOE Files for Bitcoin ETF With SEC
CBOE has filed an application for a bitcoin-based ETF that will list and trade BTC shares backed by the Vaneck Solidx Bitcoin Trust (“the Trust”). According to a release published by the SEC, the application was filed on the 20th of June.
The SEC is seeking public feedback regarding the application, with the release stating that “Interested persons are invited to submit written data, views, and arguments” concerning the proposed ETF.
Fund to “Invest in Bitcoin Only”
The SEC release states that “The Exchange proposes to list and trade the Shares under BZX Rule 14.11(e)(4), which governs the listing and trading of Commodity-Based Trust Shares on the Exchange. Solidx Management LLC is the sponsor of the Trust (Sponsor). The Trust will be responsible for custody of the Trust’s bitcoin. Delaware Trust Company is the trustee (Trustee). The Bank of New York Mellon will be the administrator (Administrator), transfer agent (Transfer Agent) and the custodian, with respect to cash, (Cash Custodian) of the Trust. Foreside Fund Services, LLC will be the marketing agent (Marketing Agent) in connection with the creation and redemption of ‘Baskets’ of Shares.”
Each of the fund’s shares “will represent a fractional undivided beneficial interest in the Trust’s net assets. The Trust’s assets will consist of bitcoin held […] utilizing a secure process […] The Trust will not normally hold cash or any other assets, but may hold a very limited amount
