The Chicago Board Options Exchange’s (CBOE) BZX Equity Exchange has withdrawn its proposal before the U.S Securities and Exchange Commission (SEC) VanEck/SolidX Bitcoin (BTC) exchange-traded fund (ETF).

SEC faced Oct. 18 deadline

On Sept. 17, the SEC published a notice that the CBOE had withdrawn its application for the VanEck/SolidX Bitcoin ETF on Sept.13. Although no reason was given, the decision to withdraw the proposal came just weeks after the firm began offering a limited Bitcoin ETF for institutions.

The SEC had already delayed a decision on the matter, but was facing a final deadline of Oct. 18 to determine whether to approve or reject the Bitcoin ETF. Despite the withdrawal, VanEck’s director of digital asset strategies Gabor Gurbacs stated in a tweet:

“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.”

Limited Bitcoin ETF to institutions

Cointelegraph recently reported that the CEO of investment management firm VanEck Associates, Jan Van Eck, said that the company was now offering a financial product with exposure to Bitcoin.

The product offered by the firm is a broker-traded fund and is not currently available to the public, being reserved to institutional investors. Van Eck further specified that it will trade over-the-counter and will not trade on a national securities exchange. The broker-traded fund is called VanEck SolidX Bitcoin Trust 144A Shares.

VanEck issued only one Bitcoin basket

Last week, Cointelegraph reported that VanEck had issued just 4 Bitcoins via its new trust focused on institutional investors. Data from the company showed that since its launch at the beginning of September, VanEck SolidX Bitcoin Trust 144A Shares total net assets were only $41,400.