Investment management firm VanEck sold just 4 BTC in a week through a new trust aimed at institutional investors.
company’s data, seen by economist Alex Krüger on September 10, showed that since the launch
at the beginning of the month, the VanEck SolidX Bitcoin Trust’s total net assets are just $41,400. Thus, it was possible to sell the trust’s shares only for 4 BTC.
Last week, it was reported that VanEck Securities and SolidX Management have chosen an unusual path to circumvent regulatory barriers in considering an application for a bitcoin ETF. The companies took advantage of an exception in the securities and exchange Commission rules that allowed them to create a trust Fund instead of an ETF and offer VanEck SolidX Bitcoin Trust shares to institutions such as hedge funds and banks, but not to retail investors.
Critics reacted skeptically to the news of the trust opening, and industry lawyer Jake Chervinsky said that the product cannot be considered a real ETF.
“This launch is misleading. VanEck SolidX Bitcoin Trust is not an ETF. It looks exactly the same as the Grayscale Bitcoin Trust, created almost six years ago,” he warned
he has readers on Twitter.
Today, Bakkt chief operating officer Adam White announced that the Bakkt Warehouse platform designed for storing bitcoins is “open for business”.