Bitcoin-covered ETF application filed with the SEC

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Van Eck Associates Corp. and SolidX Partners Inc. hope to learn from their previous attempts to file a Bitcoin ETF application with the SEC. The proposed fund, which they submitted the day before yesterday, is apparently covered “physically” by BTC.

Is the first officially approved Bitcoin ETF coming?

The application for a Bitcoin ETF was filed on June 6 with the US Securities and Exchange Commission (SEC) of VanEck and SolidX. It is hoped that it will now meet all the criteria that the SEC criticized in its previous petitions and consequently rejected. If this application were to go through, you would be the first approved by the US Securities and Exchange Commission Bitcoin ETF.

Last year, there was a lot of hype surrounding a possible Bitcoin ETF that the Winklevoss twins submitted for SEC approval. However, this was rejected by the financial supervisors.

After the successful launch of the CME Group and the CBOE Bitcoin Futures contracts , the suspense increased again at the end of the year. However, at the beginning of the year, the SEC rejected about a dozen applications for ETFs. As a reason for the rejection in January, the financial supervisors called the high volatility, the lack of liquidity and, above all, the lack of regulation.

Bitcoin ETF still in progress

VanEck and SolidX were among those whose ETF application was rejected in January. It has now used the last few months and worked on the criticisms to submit a new ETF proposal. SolidX CEO Daniel Gallancy told Bloomberg in a telephone interview:

“Based on various comments, it appears that regulators are currently concerned about having an ETF available to retail investors …. We think that will change over time, but right now a good starting point is a product that is aimed exclusively at institutional investors. “

The CEO went on to say that the potential ETF would use its prices from regulated trading companies. In addition, the ETF will be covered by Bitcoin, as well as insured by previously unknown companies. SolidX is supposed to take care of the storage of the Bitcoin itself. It is a cold storage solution to ensure the highest security standards.

VanEck and SolidX

For those who do not know, VanEck is a New York-based asset management company. They manage assets of over $ 45 billion and have been involved in many stock exchange products since their inception in 1955. Meanwhile SolidX also works from New York. They specialize in fintech and have developed both cryptographic software and capital market products. Of course, this combination sounds promising to operate a Bitcoin ETF because of its financial resources and know-how.

Source : Newsbtc, Image : pixabay, CC0

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