A second organisation has filed with a US Securities and Exchange Commission (SEC) in a bid to launch an exchange-traded account (ETF) that would offer bearing to bitcoin.
Blockchain record organisation SolidX announced currently it has filed a registration matter with a SEC to launch a SolidX Bitcoin Trust. According to a S-1 filing, a trust will emanate shares that paint units of tenure in a trust, with SolidX Management LLC behaving as a protector of bitcoin hold by a trust. Bank of New York Mellon, in turn, will act as a director of a trust and protector for a money holdings.
Shares in a trust will be released in blocks of 10,000 shares to certified participants, described in a filing as purebred broker-dealers who would emanate and redeem a blocks in baskets, for a smoothness of money (or bitcoins). Bitcoins in a trust, a filing said, would possibly be sourced on bitcoin exchanges or in over-the-counter (OTC) transactions.
According to a company, a trust will be managed on a NYSE underneath a ticker pitch “XBTC”. Prices will be quoted regulating a TradeBlock XBX Index.
As noted by attention advocacy organisation Coin Center, a