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Two firms that unsuccessfully tried to launch bitcoin-based exchange-traded funds last year are teaming up to take a second shot at it.
New York-based asset manager Van Eck Associates Corp. and SolidX Management LLC, a New York-based startup, filed an application on Wednesday with the Securities and Exchange Commission for permission to launch a regulated bitcoin ETF.
The SEC hasn’t yet given its blessing to such a fund, and the two firms said they haven’t had any direct conversations with the federal agency. They did structure the new product however in response to what they felt have been the SEC’s main concerns.
The firms also set a relatively high per-share price: $200,000. The price tag is designed to aim the product at institutional rather than retail investors. Dan Gallancy, the chief executive of SolidX, noted that the SEC has been vocal about its concerns that the cryptocurrency market carries particularly high risks for retail investors.
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