VanEck, SolidX Throws in the Towel as Regards Bitcoin ETF Bid

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The bid as regards Bitcoin exchange-traded Fund (ETF) by VanEck, SolidX has once again hit a brick wall as SEC delays in ratifying it. This isn’t the first time both VanEck investment and counterpart SolidX are witnessing such denial from SEC as it had seen such denials and delays in the past. SEC had failed to publicly list its Bitcoin trust shares in the past. SolidX is a crypto startup that deals in Blockchain while VanEck is an investment firm. Both came together to launch the Bitcoin ETF.

VanEck, SolidX threw in the towel when it seemed apparent its proposal was unlikely to meet the October 18 deadline following a delay from SEC. This delay, however, projected an imminent denial. A filing also released by SEC confirmed the withdrawal.

VanEck is optimistic that by recalling back its proposal, it would be able to present it at a later date. Speaking through a top executive of the firm, it, however, relayed its unflinching, unrelenting spirit to achieve its intention of Bitcoin ETF.

Bitcoin ETF Prospect in the Crypto Space
The chances of Bitcoin ETF coming to light in the crypto space is however slim at the moment, but many analysts believe that the investment product will launch Bitcoin to the next level as it will now be possible to buy virtual Bitcoin even without a digital wallet.

VanEck’s decision also comes after it recorded low success in the pseudo testing of the investment product earlier this month.

SEC believes there are still plenty of miles to cover on Bitcoin ETF. It is greatly concerned about the ongoing market volatility and hasn’t failed to express its concerns likewise as regards Bitcoin ETF.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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