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 submitting 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.
Asset management firm VanEck Associates Corp and SolidX Management LLC have previously applied for a Bitcoin ETF, however, did it separately.
VanEck's application was filed in August 2017 of the year, однако уже в сентябре она была отозвана – причиной стало решение SEC не рассматривать заявки на создание биткоин-ETF до фактического появления на рынке криптовалютных деривативов, in which such funds intend to invest.
Bitcoin ETF Launch Application Filed By SolidX Partners Inc In July 2016 of the year. It was supposed, that the fund will be listed on the New York Stock Exchange (NYSE). After several postponements of consideration of the application in March 2017 of the year the SEC finally rejected it.
В январе Комиссия призвала отозвать все заявки на создание биткоин-ETF. As then stated in the department, the activities of exchange-traded investment bitcoin funds at the moment will not comply with the requirements of the regulator.
Nevertheless, despite, that direct discussions with the regulator VanEck and SolidX have not yet been conducted, representatives of firms consider, that the structure of the new product takes into account the main aspects, about which the SEC is concerned, including lack of transparency of online exchanges, many of which are outside the United States.
"We were not going to give up", — добавил Дэн Гэлланси.
Recall, before refusing SolidX, Комиссия аналогичным образом поступила с заявкой братьев Уиклвоссов на открытие Winklevoss Bitcoin Trust, which could become the first exchange-traded fund in the history of financial markets, working exclusively with bitcoin.
A source: https://forklog.com/vaneck-i-solidx-podali-sovmestnuyu-zayavku-na-zapusk-bitkoin-etf/
