Cboe Submits Revised Applications to List Bitcoin and Ethereum ETF Options With the SEC

The Chicago Board Options Exchange (Cboe) has submitted revised applications to the Securities and Exchange Commission (SEC) to list options on Bitcoin and Ethereum exchange-traded funds (ETFs).

The Chicago Board Options Exchange (Cboe) has submitted two key applications to the Securities and Exchange Commission (SEC) for listing options on Bitcoin and Ethereum exchange-traded funds (ETFs).

The first application, dated August 8 and numbered SR-CBOE-2024-035, seeks approval to list options on Bitcoin ETFs.

These ETFs have gained significant traction since their introduction earlier in the year, with assets under management (AUM) for spot Bitcoin ETFs reaching over $58 billion by mid-August.

Cboe's updated filing delves into various aspects, including position limits and market manipulation, which have been subjects of concern for the SEC and sticking points in the approval process.

The application addresses these issues comprehensively.

A day after submitting the application for Bitcoin, on August 9, Cboe submitted its application for Ethereum ETF options, which is assigned the filing number SR-CBOE-2024-036.

This application is also detailed and focuses on regulatory concerns that have hindered previous attempts at launching Ethereum ETF options.

While both Bitcoin and Ethereum have experienced periods of volatility, the SEC ultimately has the final say in approving these applications.

However, the SEC's track record in approving crypto-related products has been far from swift.

Despite the applications addressing the SEC's concerns, analysts suggest that approval may not be granted until 2025 or even 2026.

The SEC's approach to crypto has been hostile, with slow approval processes for any crypto-related products, including these ETF options.

As a result, the timeline for approval remains uncertain.

If approved, these options could attract more institutional investors, potentially leading to further growth in both the Bitcoin and Ethereum markets.

At the time of writing, Bitcoin was valued at $59,132, with a trading volume that decreased by about 10.56% over the past 24 hours, totaling $37.17 billion in trades.

Meanwhile, Ethereum's price recovered slightly after a period of sharp declines but remained below the $3,000 price level it held just weeks ago.