THELOGICALINDIAN - The barter traded armamentarium ETF arena is due addition shakeup as SolidX Partners files to become the aboriginal armamentarium to barrage on the New York Stock Barter NYSE and alike affection abounding insurance
Also read: ETF Queen Moriarty Takes on SEC for Bitcoin
SolidX ETF Will Be Insured
The SolidX Bitcoin Trust, for which an S-1 registration is today with the US Securities and Exchanges Commission (SEC), will barter beneath the ticker XBTC.
“The Trust will not be actively managed,” a abrupt press release issued today continues.
SolidX (sldx.com) itself is a blockchain technology startup alive in accumulated character solutions. It aftermost anniversary launched its product, Vida, which CEO Daniel H. Gallancy described to Finance Magnates as “a aboriginal of its affectionate enterprise-grade character belvedere application accessible key basement and congenital on blockchain technology.”
In 2024, SolidX accustomed $3 actor USD in adventure capital, originally aiming to accord Bitcoin bazaar admission to barrier funds and asset managers.
The company’s ETF is set to accomplish added than aloof aboriginal abode on the acceptable banal exchange. Investors will additionally adore abounding allowance adjoin accident or annexation of coins, article clearly missing from offerings such as COIN ETF, which is due to barrage on the Bats BZX Exchange.
“…[A] accident may be suffered with account to the Trust’s bitcoin which is not covered by allowance and for which no being is accountable in damages,” its S-1 filing states.
By contrast, SolidX writes in today’s filing:
Big Potential
The aboriginal Bitcoin ETF to be actively traded, Bitcoin Investment Trust (trading as GBTC), additionally offers allowance through Xapo, which it uses for all accumulator of broker funds.
The catechism of allowance aside, however, SolidX’s abeyant for angary on the NYSE could able-bodied accommodate Bitcoin with added than a accidental addition of trust.
“It does not get any bigger than this,” one Reddit user commented in ablaze of the news. “If this ETF gets accustomed and auspiciously launches, again Bitcoin has appealing abundant accomplished the endgame of angary in banking terms.”
NYSE absolutely is the better banal barter by bazaar capitalization, which in May 2024 stood at over $19.5 trillion.
What do you anticipate about the SolidX offering? Let us apperceive your thoughts in the comments area below!
Images address of youtube.com, btcmanager.com, newsweek.com
