SolidX application in NYSE listed bitcoin exchange traded fund ETF, additional bitcoin guarantee insurance
After WinklevossBitcoinTrust, second companies have gone to the United States Securities and Exchange Commission (SEC) submitted bitcoin Exchange Traded Fund (ETF) listing application.
The blockchain technology company SolidX announced today that they have to SEC filed a registration statement, start the SolidX bitcoin Trust Fund (SolidXBitcoinTrust). According to S-1 documents, the trust fund will issue shares, SolidX management company (SolidXManagementLLC) responsible for the custody of the trust fund holdings bitcoin, Mellon Bank of New York will be responsible for the management of the trust fund and the cash.
The trust fund will issue 10000 shares, issue is the authorized participants, apply for a registered broker dealer mentioned in the document, these people can cash or coins to redeem the shares issued. Said in the application documents, the trust fund will come from bitcoin bitcoin exchange or in the over-the-counter (OTC) transactions.
According to the company, the trust fund will be the NYSE management, stock code “XBTC”, “TradeBlockXBXIndex” represents the use of stock price.
As CoinCenter, there is an obvious difference, the former has secured insurance between SolidXBitcoinTrust and rival WinklevossBitcoinTrust, bitcoin lost or stolen security accident.
Application documents show:
“The scope of liability insurance trust fund has three levels: the crime of insurance, excess insurance, excess insurance.”
In the recent June 29th submitted to the SEC application, WinklevossBitcoinTrust sponsor DigitalAssetServices said they will not insure bitcoin they hold.
Founded in 2014, SolidX has raised $3 million from investors, including LibertyCityVentures, RedSeaVentures and RedSwanVentures, the company is committed to large institutional investors through bitcoin ‘total return swaps.
Therefore, in the application, SolidX said they believed their latest products more suitable for institutional investors, rather than the direct purchase of bitcoin.
The sponsor that shareholders will be able to more effectively implement the strategic and tactical asset allocation strategy to use bitcoin by investing in stocks, rather than directly buy, hold and trade bitcoin.”