VanEck’s New Bitcoin Trust Assets Total Just $41K in First Week
William Suberg's original article for cointelegraph.com reduced by 79%
Investment management firm VanEck has issued just 4 bitcoins via its new trust focused on institutional investors. Data from the company, spotted by economist and cryptocurrency commentator Alex Krüger on Sept. 10, showed that since its launch at the start of the month, VanEck SolidX Bitcoin Trust 144A Shares total net assets are only $41,400.
The product, which caused a buzz after VanEck described it as being akin to an exchange-traded fund, caters strictly to so-called qualified institutional buyers, or QIBs. "VanEck SolidX Bitcoin Trust 144A Shares looks and feels like a traditional ETF," its official description reads. "This is misleading.
The VanEck SolidX Bitcoin Trust is *not* an ETF. It looks exactly like the Grayscale Bitcoin Trust, which was launched almost six years ago," he warned Twitter followers at the time. October will see regulators deliver a final judgement on whether two ETFs can begin trading, one of which is sponsored by VanEck.
On Monday, institutional trading platform Bakkt announced its warehouse for physically-delivered Bitcoin futures was now active, having opened for deposits last week.
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.