VanEck, SolidX Join Forces in New Bid to Launch Bitcoin ETF

VanEck and SolidX have teamed up to list a bitcoin exchange-traded fund, despite regulatory obstacles that stymied prior attempts.

AccessTimeIconJun 6, 2018 at 2:30 p.m. UTC
Updated Mar 9, 2024 at 2:06 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Investment firm VanEck has partnered with financial services company SolidX in their latest attempt to launch the first bitcoin exchange-traded fund.

The companies announced Wednesday that they would list a "physically-backed bitcoin ETF that will be insured against loss or theft of bitcoin."

Under the arrangement, VanEck will market the ETF, while SolidX will act as sponsor, according to a press release. The companies noted that both have previously filed individually to list bitcoin ETFs on various stock exchanges.

VanEck chief executive Jan van Eck said bitcoin is "a legitimate investment option, as a type of 'digital gold' that may make sense for investors' portfolios."

The CEO noted that the ETF has not yet been created, saying "We're pleased to join with [SolidX] in supporting the effort to bring a physically-backed bitcoin ETF to market." When asked by CoinDesk, he declined to provide details on what assets would be used to back the fund.

Neither SolidX nor VanEck has succeeded in launching a bitcoin ETF to date. As previously reported by CoinDesk, both companies withdrew previous attempts at launching the products at the request of the U.S. Securities and Exchange Commission.

Van Eck expressed optimism about the fund's potential, despite the regulatory obstacles they have faced, saying:

"We believe that collectively we will build something that may be better than other constructs currently making their way through the regulatory process. A properly constructed physically-backed bitcoin ETF will be designed to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin."

If approved by regulators, the new ETF would be listed on the CBOE BZX Equities Exchange, according to the release.

Markets image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Nikhilesh De

Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.