“This is not bad news in my view just a different process,” Gurbacs said later in response to questions from Bloomberg. The institutionally oriented VanEck SolidX 144A Bitcoin product “is a good step toward a full publicly traded ETF,” he said.

A Cboe spokesperson told Bloomberg that “after careful consideration in cooperation with our esteemed client, we have decided to withdraw our filing with the SEC to list and trade shares of the VanEck SolidX Bitcoin Trust. We continue to believe there are opportunities for Cboe and our clients in the broader cryptocurrency market, and remain open to pursuing ETP and derivative listings and trading.”

Earlier this month, VanEck and SolidX Management LLC said in a statement that they had found a way to offer a product for some large investors by using Rule 144A of the Securities Act of 1933. The VanEck SolidX Bitcoin Trust 144A Shares are the first Bitcoin product for institutions that is cleared and features the same creation-and-redemption process common with traditional ETFs, according to the statement.

The SEC had in August delayed a decision on approving the Bitcoin ETFs, extending until Oct. 18 the period to consider whether listing rules could change to allow the funds to start trading. Other applications for approval have also been delayed. The agency rejected an exchange’s request last year to list a Bitcoin ETF backed by Tyler and Cameron Winklevoss.

Bitcoin dropped 0.3% to $10.169 as of 7 a.m. in Hong Kong. The digital token has almost tripled this year, after tumbling 74% in 2018 and surging 1,400% in 2017.