Home / FINANCE / Markets / ProShares and VanEck are withdrawing their requests for bitcoin ETFs

ProShares and VanEck are withdrawing their requests for bitcoin ETFs


FILE PHOTO: A perspective of Ducatus cafe, a initial cashless cafeteria that accepts cryptocurrencies such as Bitcoin, on their opening day in Singapore Dec 21, 2017. REUTERS/Edgar Su/File PhotoThomson
Reuters

  • ProShares and VanEck both withdrew requests to the
    Securities and Exchange Commission to launch bitcoin-linked
    sell traded supports on Tuesday. 
  • Bitcoin ETFs have prolonged been noticed as a healthy next
    step in a maturation of a bitcoin market. 

Two financial services giants — ProShares and VanEck — are
withdrawing requests to a Securities and Exchange Commission to
list bitcoin ETFs. 

VanEck, that filed for a actively managed Bitcoin Strategy ETF
on Dec 11, asked a Securities and Exchange Commission
Tuesday
to repel that amendment. ProShares, that pronounced it would
launch a apartment of bitcoin ETFs in September, also withdrew its
ask on Tuesday,
according to a filing. 

Neither VanEck nor ProShares supposing a specific reason because they
motionless to repel a products in their filings. 

Matthew Babinsky, a author of VanEck’s filing to a SEC,
declined to criticism on a letter. Press member did not
immediately respond to a ask for comment. Robert
Borzone Jr, a author of ProShares’ letter, did not respond to
messages seeking comment. 

Rafferty Asset Management also halted skeleton to launch
bitcoin-linked supports on Monday, according to stating by
Reuters. The organisation pronounced regulators “expressed concerns regarding
a liquidity and valuation” of such products in a
filing. 

Bitcoin-linked ETFs have prolonged been noticed as a healthy subsequent step
for a cryptocurrency, following a launch of Cboe Global
Markets’ and CME Group’s bitcoin futures offerings in
December. 

“We started down this highway in a form of an ETF,” Chris
Concannon, boss of Cboe,
told Business Insider after regulators gave US exchange
groups a immature light to launch futures. “A healthy market
is a healthy underlying market, derivatives markets, and an ETF.
That will take time.”

Bats Global Markets, that was acquired by Cboe earlier
final year, attempted to list a
bitcoin exchange-traded account corroborated by a Winklevoss
twins. That try was deserted by regulators, with the
Securities and Exchange Commission citing a miss of
“surveillance-sharing agreements with poignant markets for
trade a underlying commodity or derivatives on
that commodity.”

Business Insider reported Saturday on a
offer by a New York Stock Exchange to
list 
five new supports related to bitcoin futures on one
of a markets.

The new leveraged and different exchange-traded funds, designed by
ETF-maker Direxion Asset Management, are designed to track
trade in bitcoin futures markets, not bitcoin itself. The
leveraged ETFs, according to a filing to a SEC, find to provide
investors earnings that greaten earnings in a underlying market.


This story is developing. Check behind for
updates. 

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