Bitcoin ETF to be launched by VanEck and SolidX
Bitcoin ETF, a physically backed one, is getting launched by VanEck and SolidX. VanEck today announced that it would partner with SolidX to list a physically-backed bitcoin ETF that will be insured against loss or theft of Bitcoin.
— VanEck (@vaneck_us) June 6, 2018
The press release states that SolidX will serve as the sponsor of the Bitcoin ETF and VanEck will give marketing services. The two firms will work together with regulators. VanEck was the first to file for a Bitcoin ETF registered under the Investment Company Act of 1940 in August 2017, while SolidX in March 2016 was among the first to file under the Securities Act of 1933 for a physically-backed Bitcoin ETF that would reflect the performance of the price of bitcoin.
“I believe that bitcoin has emerged as a legitimate investment option, as a type of ‘digital gold’ that may make sense for investors’ portfolios,” said Jan van Eck, Chief Executive Officer of VanEck. “The SolidX team has in-depth experience with bitcoin, cryptography, and capital markets. We’re pleased to join with them in supporting the effort to bring a physically-backed bitcoin ETF to market.”
“We believe that collectively we will build something that may be better than other constructs currently making their way through the regulatory process,” continued van Eck. “A properly constructed physically-backed bitcoin ETF will be designed to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin.”
“In determining a marketing partner, we looked for a firm with a clear understanding of the potential of bitcoin and the role it can play in an investment portfolio,” said Daniel H. Gallancy, Chief Executive Officer of SolidX. “VanEck is deeply involved in this space, understands its potential, and has a long track record of successfully opening new avenues for investors to access unique and compelling investment opportunities. We’re excited to work with the team at VanEck.”
The Bitcoin ETF is expected to list on the Cboe BZX Equities Exchange.
Image via Steemit
Join our telegram group