The Chicago Board Options Exchange (Cboe) sent a proposal for a rule change to the SEC on April 3, 2025, but VanEck thinks the SEC’s delay in approving this proposal is reason for concern. The proposal allowed listing options for trading with the VanEck Bitcoin Trust ETF, or HODL. Options let investors vary their positions by purchasing or selling shares at an agreed rate over an assigned period.
Because Bitcoin Spot ETFs performed well in the United States, some asset managers applied to introduce options trading for their crypto ETFs. The SEC has approved funds including Fidelity Wise Origin Bitcoin Fund (FBTC), BlackRock iShares Bitcoin Trust (IBIT), Grayscale Bitcoin Mini Trust (BTC), and Bitwise Bitcoin ETF (BITB). This has meant that investors can act more flexibly, and it also demonstrates that regulators are becoming more open to digital asset instruments.
VanEck met the 45-day response deadline, but the SEC has not released any decision about their options request. On May 23, 2025, Matthew Sigel, the Head of Digital Assets Research at VanEck, officially commented. He seemed troubled that the Commission had no response after VanEck responded to their first questions. He took to the social network Twitter to tag Hester Peirce and urge her to focus on open communication as the SEC and Crypto Task Force work together.
Even though the proposal wasn’t rejected, the absence of SEC input creates doubt for investors. Although the firm had made the requested changes, the Commission had not explained why it extended the review period. Sudden changes in regulations make it difficult for VanEck to plan and expand, raising worries about transparency for the approval of digital asset products.
The SEC may spend up to 240 days carefully reviewing an application before finalizing a digital asset ETF. We saw this approach last year in the approvals for Bitcoin Spot ETFs. Despite the rising number of institutions interested in regulated crypto investments, participants in the industry say the timing and feedback for these applications do not improve.
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Other firms starting to launch ETFs after approval highlights the need for regulators to treat all firms the same. People are closely following the SEC’s actions, anticipating what changes might happen to future digital asset proposals.