The VanEck SolidX ‘limited’ Bitcoin ETF is now three days old, however, it seems it is having trouble gaining attention from investors. As of now, only assets worth 4 BTC have been put into the fund so far.
Lack of Interest Witnessed in Institutional Investors
Although the Bitcoin product has been live for three days, institutional investors seem to lack an interest in VanEck’s SolidX limited ETF. The fund has only managed to issue only a basket of assets, with mere 4 BTC in it, worth approximately $41,400.
A week ago, it was reported that VanEck Securities and SolidX Management would be releasing a ‘limited’ Bitcoin ETF despite not receiving the green light from the SEC. This modified ETF is being offered through an SEC exemption, only available to hedge funds and banks.
While it is still in nascent stages, the crypto community is of the belief that Bitcoin ETF will be a key to all solutions in the crypto arena.
The “limited” ETF was expected to gain approval from the SEC. However, considering the funds’ abysmal assets, the future looks bleak. The low numbers can be attributed to strict rules levied by SEC. This invariably limits the participation to a number of accredited investors from a smaller pool of the financial world.
The Stand Of SEC On Bitcoin Custody Solutions Still Unclear
Within just a week post its launch, the limited Bitcoin ETF has been a part of several controversies. Recently, leading Lawyer, Jake Chervinsky compared it to Grayscale Bitcoin Trust. Further, stating that it was a cute market strategy and calling it a “full” ETF was misleading.
Earlier in the day today, SEC chairman Jay Clayton, told CNBC in an interview that, “there is still work to be done”, when asked about the possibility of a Bitcoin ETF in the near future.
Are we any closer to seeing a Bitcoin ETF some day? SEC Chairman Jay Clayton to @CNBC: “yes, but there’s work left to be done” @SEC_News @bobpisani @kellycnbc @CNBCTheExchange #bitcoin #crypto pic.twitter.com/iJP3nn9XHc
— The Exchange (@CNBCTheExchange) September 9, 2019
While the limited ETF is certainly not the end goal, it is just a soft start and would eventually lead to a full Bitcoin ETF.
Is too much being expected out of VanEck SolidX “Limited” Bitcoin ETF, or is it just to build pressure on SEC, to roll out a full Bitcoin ETF? Let us know what you think?
The post Are Companies Over-Marketing Bitcoin ETFs? VanEck’s ETF Attracts Only 4 BTC In First Three Days appeared first on Coingape.