Earlier this year, the SEC rejected the applications, preventing the digital currency from gaining more acceptance from investors who are wary of the unregulated exchanges of cryptocurrencies. The SEC’s Division of Trading and Markets rejected applications from investment firms ProShares, Direxion and GraniteShares.

Related: AARP Takes Jabs at Bitcoin

“Regarding recent Bitcoin ETF postponements and rejections, Morehead suggested that it is much too early for market makers to seek approval for such an instrument as the cryptocurrency market is still in its infancy and that profit savvy investors ‘overreacted,’” according to Bitoinist.

In June, ETF issuer VanEck and SolidX, a fintech company engaged in the bitcoin ecosystem, revealed plans for the VanEck SolidX Bitcoin Trust ETF (XBTC). That fund is targeted at institutional investors as it would debut with a share price of $200,000. That product would track an index linked to a group of bitcoin trading desks, possibly allaying some of the SEC’s prior concerns about funds linked to physical bitcoin.

For more information on the cryptocurrency market, visit our Bitcoin category.