Option applications for Spot Bitcoin ETFs are being withdrawn one by one. After CBOE’s decision to withdraw last week and then reapply, both NYSE and Nasdaq withdrew their applications yesterday.

The reason why these companies withdrew their applications is thought to be the feedback received in negotiations with the SEC. Commenting on the issue, Bloomberg ETF analyst James Seyffart suggested that the US Securities and Exchange Commission (SEC) may be giving feedback to companies regarding applications. Seyffart stated that he thinks these feedbacks are also about position limits and market manipulation. At this point, the concern is that the approval period may be extended. If the deadline is rewound, approval of option applications may not be granted until April 25, 2025.

It is eagerly awaited whether Nasdaq and NYSE will reapply. In CBOE’s reapplication, the number of pages, which was previously 15, increased to 44.

After the SEC approved spot Bitcoin ETFs in January, exchanges knocked on the door of the institution to list options contracts for these ETFs. The same application was made for Ethereum ETFs. Today, Nasdaq’s application for options contracts for Ethereum ETFs was also withdrawn.