SolidX Seeking to List Bitcoin ETF on New York Stock Exchange


A second firm has filed with the US Securities and Exchange Commission (SEC) in a bid to launch an exchange-traded fund (ETF) that would offer exposure to bitcoin.

Blockchain technology firm SolidX announced today it has filed a registration statement with the SEC to launch the SolidX Bitcoin Trust. According to the S-1 filing, the trust will issue shares that represent units of ownership in the trust, with SolidX Management LLC acting as the custodian of bitcoin held by the trust. Bank of New York Mellon, in turn, will act as the administrator of the trust and custodian for its cash holdings.

Shares in the trust will be issued in blocks of 10,000 shares to authorized participants, described in the filing as registered broker-dealers who would create and redeem the blocks in baskets, for the delivery of cash (or bitcoins). Bitcoins in the trust, the filing said, would either be sourced on bitcoin exchanges or in over-the-counter (OTC) transactions.

According to the company, the trust will be managed on the NYSE under the ticker symbol “XBTC”. Prices will be quoted using the TradeBlock XBX Index.

As noted by industry advocacy group Coin Center, a

Read more ... source: TheBitcoinNews

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