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The two renowned investment firms VanEck and SolidX, have designed this Bitcoin ETF proposal before the US SEC, duos now seem to have given up holding fire on the SEC to authorize their Bitcoin ETF, and are now moving ahead with an alternate solution.
VanEck and SolidX recently announced their plans of selling shares in a limited version of a Bitcoin ETF, available only to “qualified institutional investors”, as per the reports of Wall Street Journal.
As planned, VanEck’s newly coined term “limited Bitcoin ETF”’s total net assets now seem to be rigid at just over $40K, even though the firm showed shrewd promotional tactic at the time of the announcement the sale of its Bitcoin trust shares to “qualified institutional investors” in the recent past. Well, to be precise, so far, it manages to fetch around 4 BTC under management.
Thereby, VanEck’s attempt to persuade their mechanism and determine the demand factor for a Bitcoin ETF from institutional investors with so-called “limited Bitcoin ETF” seems to have gotten a quite reluctant response.
VanEck also claimed that their Bitcoin ETF related issues have been resolved. The SEC and quite a few representatives from CBOE Global Markets, VanEck, and SolidX summoned for detailed discussions regarding Bitcoin exchange-traded funds (ETFs). The US financial regulator came up with a memorandum of the event a fortnight to clarify public with some insight on this closed-door meeting.
While the director of the digital-asset strategy at investment management firm VanEck, Mr. Gabor Gurbacs reckons that the SEC likely to approve a bitcoin ETF as early as possible as such mechanism likely to be the major driving force of the U.S. economy in the upcoming future.
Gurbacs discussed with the Fox Business host Liz Claman at Senate Banking Committee hearing on Facebook’s Libra “cryptocurrency.” He also tweeted by stating that Libra is not ETF but a stablecoin pegged to the basket of fiat currencies.
