Bloomberg: Bitcoin ETF Dreams Kept Alive With New SEC Filing

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Bloomberg News is reporting Wednesday morning that Van Eck Associates Corp. and SolidX Partners Inc. filed a request to list a Bitcoin-linked ETP to the U.S. Securities and Exchange Commission this day.

The fund will be physically-backed, which means it will hold actual Bitcoin, and will be insured against loss or theft of the cryptocurrency, according to the firms, according to Bloomberg.

The SEC asked companies to pull about a dozen applications for cryptocurrency-linked products in January, and last year rejected the Winklevoss Bitcoin Trust ETF.

Van Eck Associates Corp. and SolidX Partners Inc. were among those companies that had filed and hoped to win over the SEC with changes they made in the new, joint request by increasing the share price and basing prices off regulated trading firms.

“Based on various comments, it seems that regulators are concerned right now about having an ETF that is available to retail investors,” SolidX Chief Executive Officer Daniel H. Gallancy said in a telephone interview. “We think that will change over time, but right now a good place to start is with a product geared purely toward institutional investors.”

- Aaron Goldstein, Gambling911.com

Business/Financial News