SolidX Looks to Launch Bitcoin ETF on the New York Stock Exchange

SolidX Looks to Launch Bitcoin ETF on the New York Stock Exchange

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SolidX Partners Inc., a company that specializes in blockchain-based identity services, has registered with the Securities and Exchange Commission (SEC) to launch the SolidX Bitcoin Trust, an exchange-traded fund (ETF) that will provide shareholders exposure to the daily change in the U.S. dollar price of bitcoin, minus expenses and liabilities of the trust, as measured by the TradeBlock XBX Index.

The trust will list on the New York Stock Exchange under the ticker symbol “XBTC,” the company announced on its website. It will not be actively managed.

The SolidX Bitcoin Trust follows the Winklevoss Bitcoin Trust bitcoin ETF, which filed with the SEC in 2014, and recently filed to switch its listing from Nasdaq to BATS Global Markets.

ETF To Utilize XBX Index Price

The SolidX Bitcoin Trust will utilize the XBX Index price to determine the daily net asset value, providing stakeholders with an accurate and reliable benchmark for the price of bitcoin. Once approved, shares of the SolidX Bitcoin Trust will list and trade on NYSE Arca, the exchange for the largest gold ETF, the SPDR

Read more ... source: TheBitcoinNews


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