Bitcoin ETF May Come Soon as Prominent Firms Collaborate

VanEck and SolidX, two prominent firms in the digital asset space, have agreed to collaborate in launching a Bitcoin exchange-traded fund (ETF). Both companies have previously tried to launch a Bitcoin ETF offering but failed to receive regulatory clearance.

‘A Clear Understanding of the Potential of Bitcoin’

VanEck and SolidX have entered into a partnership to list a “physically-backed Bitcoin ETF.” VanEck will be responsible for the marketing services function while SolidX will handle the ETF sponsorship. The ETF application was filed with the SEC on June 5, 2018.

Commenting on the partnership, John van Eck, the CEO of VanEck, told Business Wire:

I believe that bitcoin has emerged as a legitimate investment option, as a type of ‘digital gold’ that may make sense for investors’ portfolios. 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.

In 2017, VanEck filed the first ever 40-Act Bitcoin ETF. In 2016, SolidX filed the first-ever physically-backed Bitcoin ETF. The two firms are now hoping to get approval this time around.

Daniel Gallancy, the CEO of SolidX, expressed optimism at the new approach, stating:

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. 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.

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