The bitcoin shares held by the trust fund VanEck have so far been unsuccessful, as evidenced by a track. Since its launch last Thursday, it is the only bitcoin (BTC) in the sell.
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VanEck will cease to be on a separate page, with the sale of the ‘bitcoin of shares is in progress.
Twitter was born in the cryptocommentator Alex Krüger has reported the poor outcome. The fund is now $41.400 in stock. It’s going to be, exactly, to VanEck SolidX Bitcoin Trust 144A Shares.
Three days after launch, the VanEck bitcoin trust for institutional investors, has reportedly managed to issue a whopping 1 (one) basket. It has 4 bitcoins, or $41,400 in assets under management. Massive. pic.twitter.com/TUePbLVqBi
— Alex Krüger (@krugermacro) on September 10, 2019
The new product is designed VanEck is the so-called qualified institutional investors in the U.S., this is known as ‘Qualified Institutional Buyers ‘ (qibs).
Thus, VanEck, and SolidX tried the product in the market, if a bitcoin ETF ‘light’. In contrast, an ETF is a trust fund and no separate license or approval from the regulator, SEC, is required.
Try and aim for Gurbacs, director of strategy and digital assets for VanEck, said on Monday it is.
I believe that the bitcoin ecosystem is slow to mature, and institutional quality are going to embrace it.
Up to now, is that nice words are not.
‘Not a bitcoin ETF
Among others, a lawyer, and Jake Chervinsky criticised on Twitter. He said that the trust fund has little to no aspects of a bitcoin ETF. He even speaks of ‘deception’.
“This is misleading. The VanEck SolidX Bitcoin Trust, it is *not* an INDEX. It looks exactly like the Grayscale Bitcoin Trust, which was launched almost six years ago. Calling this a “limited ” ETF” is a cute marketing strategy, but that’s about it. Calling it, a full INDEX, it is just wrong. https://t.co/e5kyeAE4gC
— Jake Chervinsky (@jchervinsky September 3, 2019
Three days after the launch, it is clear that the market still does not really have to go to the fund.
According to the political cynic Krüger, sitting, investors do not have to wait for a ‘limited’ product, the launch of bad-timed.
This trust can be, it is just a bad product or a product for which there is not much demand. It is for the QIBs) alone (i.e. >Up to 100M in aum.
— Alex Krüger (@krugermacro) on September 10, 2019
Bitcoin ETF
In October, beurswaakhond SEC, his final decision announced on the two pending INDEX requests, respectively, the Bitwise (October 13), and VanEck/SolidX (October 18).
Jay Clayton, chair of the SEC, said in a recent interview with CNBC, that ” progress is being made.”
“The key questions are: how do you use these digital assets are managed and, even more relevant: how do you know the price of bitcoin is not being manipulated to be.
These are the questions that the applicants would have to answer for it, but we are getting closer’.
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