Third Bitcoin ETF Bid By Largest US Options Exchange Faces Wildly Different Economy

Cboe Global Markets Inc. yesterday submitted an application to the SEC to list a bitcoin exchange-traded fund (ETF). 

The owner of the largest U.S. options exchange, Cboe Global Markets Inc., proposed to list and trade the shares of a bitcoin trust by VanEck, a New York-based investment management firm. If granted approval, the VanEck Bitcoin Trust could become the first ETF with exposure to the cryptocurrency in the U.S. World’s largest ETF servicer State Street Corporation STT will act as the fund administrator and transfer agent.

This is the latest attempt by Cboe to list a bitcoin ETF since 2016 when Cameron and Tyler Winklevoss proposed one of the first such products later rejected by the Securities and Exchange Commission. In the 92-page decision released in July 2018, the commission cited the susceptibility of bitcoin and bitcoin markets to manipulation. 

Could this time be a charm? Since 2016, bitcoin’s market cap has grown almost a hundred-fold, recently hitting the $1 trillion mark. Publicly traded companies like Tesla TSLA and MicroStrategy MSTR have each invested more than a billion dollars in the cryptocurrency and payment giants like PayPal PYPL and Square have collectively given more than 300 million customers access to bitcoin. 


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