SolidX

Two New York firms, who have tried unsuccessfully in the past to get permission from the US Securities and Exchange Commission to open OTC investment bitcoin funds, decided to join forces, by filing a joint application to launch a regulated cryptocurrency ETF. It is reported by the Wall Street Journal. The corresponding application was filed with the SEC on Wednesday, 6 June. New ETF named VanEck SolidX Bitcoin Trust and will be insured against theft and loss of access to funds. It will also be linked to a new index from Van Eck, which, instead of exchanges, will collect the bitcoin price from US-based OTC (OTC) platforms. The relatively high price of VanEck SolidX Bitcoin Trust shares is also noteworthy - their size, as stated in the application, set at $200 000. Thus, we can conclude, that the new ETF will primarily target institutional, not retail investors. This was confirmed by the CEO of SolidX Dan Gallancy., reminded, that SEC representatives have repeatedly expressed concern, that the cryptocurrency market carries increased risks specifically for retail investors.