REX, a US-based financial services firm, has withdrawn its effort to create bitcoin exchange-traded futures (ETFs), CoinDesk reported.

In a letter, a company executive requested to withdraw the amendment linked to two proposed ETFs filed with the Securities and Exchange Commission (SEC): the REX Bitcoin Strategy Fund and the REX Short Bitcoin Strategy ETF.

According to the document, REX president J. Garrett Stevens suggested that the SEC does not review a registration statement on “a fund where the underlying instruments in which the fund intends to primarily invest are not yet available.”

“The Staff requested that the Trust withdraw Amendment No. 47 until such time as the underlying instruments in which the Funds intend to invest (i.e., bitcoin futures contracts) become available for investment,” he added.

REX’s withdrawal follows similar move from VanEck, a New York-based money manager, which recently pulled back its bitcoin derivatives ETF.

This year, the SEC rejected a number of bitcoin ETF proposals including those from SolidX and Cameron and Tyler Winklevoss’ effort to list a bitcoin ETF on the Bats BZX Exchange. However, it later approved a petition that requires it to review its decision to reject the bitcoin exchange traded fund proposed by Winklevoss twins.

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