Investment firm VanEck and blockchain company SolidX filed a joint application to the Commission on securities and exchange Commission (SEC) to launch bitcoin exchange-traded Fund (ETF).
The company said that it would be “physically supported bitcoin ETF, insured against loss or theft of the cryptocurrency”.
It is noteworthy that both companies previously tried to launch cryptocurrency exchange-traded funds. VanEck has filed an application in August last year, but in September withdrew it. Application SolidX launch a bitcoin ETF has been filed with the regulator prior to 2016, but in early 2017 SEC it finally rejected.
According to the agreement between the two companies, VanEck will trade ETFs, and SolidX will act as sponsor.
“We believe that collectively will build something that may be better than other designs, currently making its way through the regulatory process,” commented joint project Executive Director VanEck Jan van Eck (Jan van Eck).
In a press release the company said that in the case of obtaining SEC approval to trade shares of the new ETF will be one of the sites the Cboe.
Recall that in January, the SEC was forced to withdraw the proposal to launch 11 exchange-traded cryptocurrency Fund. But in April the regulator has promised to revise the rules to permit ETFs related to futures bitcoin.