The VanEck/ SolidX proposal will join one was being submitted by Bitwise Investment Management and NYSE Arca, which was published in the Federal Register on Feb. 15, entailing the SEC has until the beginning of April to decide on it or postpone the decision.
The Bitwise/ NYSE Arca proposal was previously filed last year, and was widely expected to be the first proposal to be approved by the U.S. securities regulator. However, this proposal was withdrawn during the longest U.S. government shutdown in history and re-filed at the end of January.
If approved, an ETF could potentially bring new liquidity into a bitcoin marketplace that is starting to show signs of recovery. However, it’s important be pointed out that the SEC can give itself up to three extensions on legal regulations change proposal, necessitating it could still be month ago a final judgment is reached on either ETF.
While the formal statement period has not officially opened yet, the VanEck/ SolidX proposal is already receiving feedback.
The filing’s first response, listed as from Sam Ahn at Hana Trading, asks how the companies are defining bitcoin’s intrinsic value. The is the issue of intrinsic value is important for investors who may consider buying into the ETF, Ahn explains.
Ahn’s response links to seven previous responses on different ETF proposals, all of which also question bitcoin’s intrinsic value.