NYSE American LLC has withdrawn its proposal for a regulatory change, which sought permission to list spot Bitcoin ETF options.
According to a filing with the U.S. Securities and Exchange Commission, the National Stock Exchange Applied For options available in the Bitwise Bitcoin (BTC) ETF and Grayscale’s Convertible BTC ETF.
The New York Stock Exchange also proposed options on Ethereum (ETH) exchange-traded funds (ETFs) offered by the two issuers, as did BlackRock for its fund.
After filing a request to change the rules to list and trade spot bitcoin ETF options on July 19, the New York Stock Exchange withdrew its request on Aug. 9. The scrapped proposal was formalized on Aug. 14 and unveiled on Aug. 15, according to the commission’s website.
Cboe also backed out of offering bitcoin spot ETF options last week, but has since resubmitted its application. Cboe’s action may indicate ongoing dialogue and feedback from the SEC.
Bitcoin ETF Options Likely to Launch in Q4
Meanwhile, less than two weeks ago, other platforms like BOX Exchange and MIAX Pearl withdrew option proposals for rule changes related to spot Bitcoin ETFs.
On several occasions, the SEC has delayed making a decision on filings by the Chicago Stock Exchange, Nasdaq, and other exchanges, frustrating investors and issuers alike.
ETF proponents, such as former Grayscale CEO Michael Sonnenschein, have urged the commission to approve the options. Sonnenschein has argued that the feature would give investors a wider range of portfolio choices.
ETF expert James Seyfart expects spot bitcoin ETF options to launch in the fourth quarter of this year. Seyfart said on August 8 via X. If the SEC grants approval, issuers will still need the green light from regulators like the Commodity Futures Trading Commission and the Office of the Comptroller of the Currency.