VanEck today announced that it will partner with SolidX to list a physically-backed bitcoin ETF that will be insured against loss or theft of bitcoin. SolidX will act as the sponsor of the ETF and VanEck will provide marketing services, the two firms will work jointly with regulators.
The SolidX team has been involved with the bitcoin ecosystem since 2011, in March 2016 they were among the first to file under the Securities Act of 1933 for a physically-backed bitcoin ETF that would reflect the performance of the price of bitcoin.
Meanwhile, VanEck was the first to file for a bitcoin ETF registered under the Investment Company Act of 1940 in August 2017.
With a rich history, VanEck has supported innovative investment products from the first gold-focused mutual fund and gold miners ETF to more recent strategies, including emerging markets debt as well as a series of guided allocation approaches. Through its MVIS subsidiary, VanEck has also created several comprehensive digital asset indices designed to provide a measurement of both individual digital assets and various baskets of digital asset exposures.
“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. We believe that collectively we will build something that may be better than other constructs currently making their way through the regulatory process. A properly constructed physically-backed bitcoin ETF will be designed to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin. It is important to communicate with investors about the risks as well as the opportunities, especially for new investment areas, and we have been committed to this effort.”
“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.”
