dailyhodl.com
The recently launched VanEck SolidX Bitcoin Trust for institutional investors has issued one basket with 4 BTC or approximately $40,000 in assets under management (AUM), according to recent data shared by crypto analyst Alex Krüger.
Three days after launch, the VanEck bitcoin trust for institutional investors has reportedly managed to issue a whopping 1 (one) basket. It has 4 bitcoins or $41,400 in assets under management. Massive. pic.twitter.com/TUePbLVqBi
— Alex Krüger (@krugermacro) September 10, 2019
The new product, which VanEck describes as a financial instrument that “looks and feels like a traditional ETF,” is not available to retail investors. Only accredited or professional investors such as registered investment advisers and hedge funds with more than $100 in AUM have access.
While crypto lawyer Jake Chervinsky argues that the product is more similar to the Grayscale Bitcoin Trust than an exchange-traded fund, institutional investors will ultimately decide if VanEck’s product is an attractive gateway to Bitcoin.
Krüger concludes,
“This trust is just a bad launch of a product for which there’s not much demand.”
While Bitcoin ETFs and other crypto initiatives are designed to spark institutional interest in cryptocurrencies, they face an uphill battle gaining traction in the US due to an ongoing lack of clear regulations.
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