VanEck Bitcoin trust ETF fell short on the expectations after the company was looking forward to the SolidX trust launch that was supposed to help the institutional investors get close to crypto as we reported previously in the altcoin news here on DC Forecasts.
The company has been in the headlines of the Bitcoin circle for quite some time now since it submitted the highly criticized VanEck Bitcoin Trust ETF proposal to the SEC. For some, the United States Securities Exchange Commission and its approval for a Bitcoin ETF is the major catalyst towards massive Bitcoin acceptance. It will open up the door to a huge number of investors and send the price of BTC skyrocketing. However, we cannot expect this to happen any time soon. Just yesterday, the SEC Chairman Jay Clayton told CNBC that while we are getting closer to seeing a Bitcoin ETF, there is still some work left to be done. Clayton also noted the same issues that are hovering above the unregulated exchanges and manipulation. He also added that the harder questions are the one needing answers. This, however, is not stopping the investment management giant on its way.
VanECK is proud because the company is always ‘’outside the confines of financial markets’’ and identifies the new trends and as such the company launched its VanEck Bitcoin Trust ETF SolidX as:
“the first open-end and DTC-eligible bitcoin security that can be held in a brokerage account.”
Three days after the opening, the company has only four bitcoins under its management. To be managing total net assets of just more than $40,000 it is hardly a decent objective for such a big fish in institutional investment remarks. The popular economist Alex Kruger pointed out that this massive demand from the institutional investors in a sarcastic tweet. He pointed out that the trust so far has only managed to issue just one ‘’whopping’’ basked of four bitcoins. The numbers are disappointing for the company but this does not mean a total defeat after all.
The co-founder of Fundstrat and bitcoin analyst Tom Lee pointed out that it is too early to judge the success of the project because VanECK Bitcoin Trust ETF SolidX will gain traction and will be seen. From here on, it looks like all eyes are on the pending ETF as we are finding out per the best cryptocurrency news sites.
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