As a seasoned crypto investor with over a decade of experience navigating the volatile and dynamic world of digital assets, I must admit that this latest development has left me both perplexed and intrigued. The constant ebb and flow of proposals for Bitcoin and Ethereum ETFs on various exchanges feels like a rollercoaster ride without end.
Based on a report by Sarah Wynn for The Block, it has been announced that Nasdaq ISE, LLC has chosen to abandon their plans to launch and trade Bitcoin and Ethereum exchange-traded funds (ETFs) as options. This decision was made public through notices filed on the U.S. Securities and Exchange Commission’s (SEC) website, which indicates that Nasdaq ISE withdrew these proposals on Tuesday.
The Nasdaq ISE submitted two proposed rule adjustments to the SEC, aiming to enable trading of Bitcoin and Ether options based on trust units. These proposals were made public for feedback on August 12. However, no comments regarding the proposal were received by the Commission. On August 13, the exchange decided to withdraw both of these proposals.
According to The Block’s report, Nasdaq’s decision to halt proposals for Bitcoin ETF options trading aligns with a pattern observed in other exchanges during the past week. MIAX, MIAX Pearl, and BOX Exchange have also withdrawn their plans for listing and trading options on spot Bitcoin ETFs. Last week, Cboe made a similar move, pulling back its application for listing options on spot Bitcoin ETFs. However, Cboe later resubmitted the application, hinting at potential ongoing negotiations with the SEC. The Securities and Exchange Commission has yet to give the green light for trading options on spot Bitcoin or Ethereum ETFs.
On a related note, NYSE American LLC withdrew its plan on Thursday for offering trading options on both the Bitwise Bitcoin Exchange-Traded Fund (ETF) and the Grayscale Bitcoin ETF, according to The Block’s report.
James Seyffart, an analyst at Bloomberg Intelligence, suggested that Nasdaq and NYSE could resubmit their proposals soon. He cited Cboe’s actions as a possible precedent, implying that the exchanges are keen on pursuing these listings and might be in talks with the SEC. In a post on platform X, Seyffart stated, “I anticipate they will re-submit over the next few days or weeks, similar to what we observed from Cboe.”
Here’s a short thread with my thoughts about the CBOE withdrawal and re-filing.
— James Seyffart (@JSeyff) August 15, 2024
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2024-08-16 11:11