VanEck’s New Bitcoin Product Has $40,000 in Assets Under Management
One of the key ingredients for mainstream crypto regulation is represented by institutional investors.
This is one of the reasons for which there have been made a lot of efforts in order to “lure” them to the crypto space.
VanEck SolidX Bitcoin Trust is for institutional investors
The recently launched VanEck SolidX Bitcoin Trust for institutional investors has issued a basket with 4 BTC of about $40k in assets under management (AUM) according to the latest data that has been shared by crypto analyst Alex Kruger.
VanEck describes the new product as being a financial instrument that looks and feels like a traditional ETF but is not available to retail investors.
The Daily Hodl reveals that only accredited or professional investors such as hedge funds and registered investment advisors have access.
The online publication notes that the crypto lawyer Jake Chervinsky said that the product is more similar to the Grayscale Bitcoin Trust than an exchange-traded fund and that institutional investors will ultimately decide if VanEck’s product is an attractive gateway to Bitcoin.
Krüger concludes the following: “This trust is just a bad launch of a product for which there’s not much demand.”
More essential events in the crypto space
Other important moves in the crypto space involve BAKKT and the US SEC.
For starters, Bakkt is open for business.
The long-awaited crypto platform that is set to launch physically settled BTC futures said that it’s now open for business.
Bakkt is expected to be a really important game-changer for the crypto space.
It will start accepting Bitcoin deposits. In an announcement via Twitter, the entity gave the very first significant signal that the upcoming launch date at the end of September will remain as it is, and there will not be any further delays involved.
Here’s the tweet that they shared a few days ago:
Other than this, the US SEC revealed new info regaring regulation.
Source: Read Full Article