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Bitcoin ETF once again withdrawn on fear of rejection

Will ever see a true Bitcoin ETF? Not anytime soon. The joint VanEck/SolidX ETF application has once again been withdrawn, according to filing reports. With the deadline in October, the realistic chance of it being rejected was taken away from the SEC’s hands and has been officially withdrawn.

Gabor Gurbacs, a Director at VanEck commented:

We are committed to support Bitcoin and Bitcoin-focused financial innovation. Bringing to market a physical, liquid and insured ETF remains a top priority. We continue to work closely with regulators & market participants to get one step closer every day.

The market may simply not quite be ready for an ETF, and Bitcoin’s success is definitely not dependent on approval. Gurbacks explains that an ETF green light would definitely be beneficial.

Van-Eck/SolidX did recently launch their ETF-like product, which hasn’t had any significant impact on the market. They say that institutional interest maintains on the up, and this may be reflected in due course, as for now, the saga continues.

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