My company, VanEck, SolidX Offers Enterprise Similar Product to Bitcoin ETF
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Answer My company, VanEck, SolidX Offers Enterprise Similar Product to Bitcoin ETF
The US Securities and Exchange Commission (SEC) has several times banned the proposed Bitcoin ETF offered by several companies and has postponed its decision on some of them.
announced Both VanEck Securities and SolidX Management, which had submitted the Bitcoin ETF for consideration by the SEC, which decided to defer the decision, are working on a similar product to the Bitcoin ETF.
Ed Lopez, VanEck’s chief product officer, said the new product will allow shares to be created and redeemed just like ETFs, but it’s not an ETF.
He added:
“This new product is the opposite of the ETF, as it is not listed on any national exchange, but is listed on the OTC Link ATS platform. This product is considered a modern product and will be traded outside the exchange through intermediate transactions, and we can call it a brokerage trading fund, BTF.”
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The new product will be implemented and the shares will be offered for sale through it, starting next Thursday
This is under the SEC’s Rule 144A, which permits the trading of securities of “qualified purchasers” with shorter holding periods and without the requirement to register with the SEC.
This was stated by the two companies in a press release as follows:
“The shares will provide institutional investors with access to financially backed bitcoin products that can be traded through both traditional and prime brokerage accounts.
The two companies also indicated that investors will be safe from theft and loss thanks to the management of the private Bitcoin keys by the fund.
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Next month is a month full of events regarding whether or not the SEC will approve ETF indices:
The five most important dates awaiting Bitcoin until the beginning of the year 2020
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