The SEC has extended the decision-making period for the application for the launch of Bitcoin-ETF, filed jointly by New York companies VanEck and SolidX.
This is stated in a document published on Tuesday, August 7th, on the Commission’s website.
Initially, it was assumed that the meeting of the Commission, at which officials will decide on changes in the rules of trade at the Chicago Stock Exchange (CBOE), where the fund should be traded, will be held on August 10th. However, this date has now been postponed to September 30th.
The application from VanEck and SolidX was filed on June 6th. If VanEck SolidX is approved, Bitcoin Trust will be immune from theft and loss of access to funds. It will also be tied to a new index from Van Eck, which instead of exchanges will collect the price of bitcoin from US-based over-the-counter (OTC) platforms.
The price of VanEck SolidX Bitcoin Trust shares was set at $200,000, which means that the new ETF will be primarily targeted at institutional investors.
A source in the SEC, who wished to remain anonymous, made it clear that the agency was interested in approving this application.
Today’s news almost immediately affected the course of bitcoin, which, having risen during the day’s session above $7,100, went down sharply, dropping as of 20:00 UTC below $6,900.
Also, there were rumors that SEC is interested in the approval of Bitcoin-ETF from CBOE.