Limited ETF on Bitcoin VanEck and SolidX did not catch on among investors

Limited ETF on Bitcoin VanEck and SolidX did not catch on among investors

Investment management firm VanEck sold just 4 BTC in a week through a new trust focused on institutional investors.

Data
companies spotted by economist Alex Krüger on September 10 have shown that since launch
At the beginning of the month, VanEck SolidX Bitcoin Trust’s total net assets of the trust are only $ 41,400. Thus, it was possible to sell the shares of the trust for only 4 BTC.

It was reported last week that VanEck Securities and SolidX Management had chosen an unusual path to circumvent regulatory barriers in considering an application for ETFs for bitcoin. The companies took advantage of the exception in the rules of the Securities and Exchange Commission, which allowed creating a trust fund instead of ETF and offering VanEck SolidX Bitcoin Trust shares to institutions such as hedge funds and banks, but not to retail investors.

Critics were skeptical about the news of the opening of the trust, and industry lawyer Jake Chervinsky said the product could not be considered a true ETF.

“This launch is misleading. VanEck SolidX Bitcoin Trust is not an ETF. It looks exactly like the Grayscale Bitcoin Trust, created almost six years ago, ”- warned
he has followers on twitter.

Bakkt operations director Adam White announced today that the Bakkt Warehouse platform, designed to store bitcoins, is “open for business.”


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