Wednesday, September 18, 2019

MVIS Bitcoin US OTC Spot Index (MVBTCO) Licensed

FRANKFURT, Germany–(BUSINESS WIRE)–Today, MV Index Solutions (MVIS) announced the licensing of the MVIS Bitcoin US OTC Spot Index (MVBTCO) to the VanEck SolidX Bitcoin Trust (“the Trust”). The Trust will price its NAV based on the MVIS Bitcoin US OTC Spot Index, which is designed as a reference rate for the price of Bitcoin on major OTC platforms in the U.S.

VanEck SolidX Bitcoin Trust will issue shares (the Shares) to Qualified Institutional Buyers (QIBs in the United States) in accordance with Rule 144A under the Securities Act of 1933, as amended (the Securities Act). The Shares will provide institutional investors access to a physically-backed bitcoin product that is tradeable through traditional and prime brokerage accounts. The Shares are the first institutional-quality, cleared product providing exposure to bitcoin and enabling a standard ETF creation-and-redemption process. SolidX is the sponsor of the Trust and VanEck provides marketing services.

Utilizing OTC prices to value bitcoin enhances price transparency and the institutional quality of the offering. The OTC desks in the MVIS Bitcoin US OTC Spot Index have efficient price discovery mechanisms, systems, policies, and procedures for correcting pricing anomalies, abnormalities, and extremities and are overseen by regulators,” said Jan van Eck, Chief Executive Officer of VanEck.

As the first bitcoin product in the U.S. with ETF-like creation and redemption abilities and established clearing and settlement processes, institutional investors can finally gain exposure to bitcoin within a familiar context,” said Daniel H. Gallancy, Chief Executive Officer of SolidX. “We’re thrilled to have partnered with MVIS, a regulated index provider that had the foresight to establish an institutional-grade index. This is a major advancement in the space and demonstrates the continued maturation of the bitcoin ecosystem.”

MVIS is a leader in the digital assets space and has pioneered several comprehensive digital asset indices. We are very pleased to be part of this innovative bitcoin offering,” added Thomas Kettner, Managing Director at MV Index Solutions.

Note to Editors:

About MV Index Solutions mvis-indices.com

MV Index Solutions (MVIS) develops, monitors and markets the MVIS Indices, a focused selection of pure-play and investable indices designed to underlie financial products. They cover several asset classes including hard assets and international equity markets as well as fixed income markets. MVIS is the index business of VanEck, a US-based investment management firm and provider of the VanEck Vectors ETFs. Approximately $13.86 billion in assets under management are currently invested in financial products based on MVIS Indices. Many of those products are the largest in their investment category. MVIS also develops and maintains customized indices for third parties that aim to track specific investment themes.

Related Article:  Payoneer CEO: Bitcoin Cannot Serve as a Global Currency

About VanEck vaneck.com

VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm’s drive to identify asset classes and trends – including gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 – that subsequently shaped the investment management industry.

Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. As of July 31, 2019, VanEck managed approximately $49.9 billion in assets, including mutual funds, ETFs, and institutional accounts. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck’s passive strategies.

About SolidX sldx.com

SolidX is a financial technology company founded in 2014 and based in New York City. It develops cryptography products and services with a focus on software applications and capital markets. The SolidX team has been involved with the bitcoin ecosystem since 2011 and with the financial markets since the early 2000s.

Important disclosure

The MVIS© indices are protected through various intellectual property rights and unfair competition and misappropriation laws. In particular, Van Eck Associates Corporation has registered the ‘MVIS’ trademark. You require a license to launch any product whose performance is linked to the value of a particular MVIS© index and for all use of the MVIS© name or name of the MVIS© index in the marketing of the product.

Investments into crypto currencies and/or digital assets are subject to material and high risk including the risk of total loss. The calculated prices may not be achieved by investors as the calculated price is based on prices from different trading platforms. Furthermore, an investment into crypto currencies and/or digital assets may become illiquid depending on the trading platform or investment product used for the specific investment. Investors should carefully review all risk factors disclosed by the relevant trading platform or in the product documents of relevant investment products.

Contacts

Media

Nibha Ritter, MV Index Solutions

+49 (0)69 4056 695 22

[email protected]

(c)2018 Business Wire Inc., All rights reserved.
Original Release: Business Wire

Leave a Reply

Please Login to comment

More Articles

Grayscale Experiences Full-Year Capital Inflow Despite the Bear Market

As investments into cryptocurrency reduced in the last quarter of 2018, Grayscale still found a way around it. The digital currency asset manager was...

How to Stay Safe When Buying & Selling Cryptocurrencies...

One of the perks of owning Bitcoin and other cryptocurrencies is that you can easily sell them off for cash. If you've...

New Opera Web Browser Features Cryptocurrency Wallet and VPN

While smartphone manufacturers like HTC, Samsung, Sirin Labs are incorporating a cryptocurrency wallet in their smartphones, Opera is providing the same feature...

Credit Card Firm Gives Out Cryptocurrency Instead of Air...

A startup is proposing the perfect offer to those who want to get into the crypocurrency industry minus the unpredictability and the exchange fees:...

Chinese Crypto Businessman Resigns From Position Due To Alleged...

Li Xiaolai, a crypto business tycoon and an early bitcoin investor in China, has currently announced his resignation as a managing partner for the...
video

The Differences between Distributed Ledger Technology and Blockchains

One of the most common mistakes committed by users when it comes to understanding the crypto world is that they consider the concepts of...

Gemini Crypto Exchange Lists Bitcoin Cash with NYSDFS Endorsement

An announcement was made by Gemini, the digital currency exchange stating that Bitcoin Cash can now be traded and stored on its platform, starting...

How Bitcoin [BTC] Private Keys Work

Your phone either has an eye-scanner or fingerprint sensor that lets you unlock the device while Bitcoin uses a private key as...

Bank of America Could Stockpile Crypto Deposits for Major...

The crypto world recently scored another point as the Bank of America secured a patent for a cryptocurrency aggregation system. This will lead to storage of customers’ crypto deposits by big companies in an enterprise account involving vaults and offline storage rather than taking on the risk themselves.

Bermuda Seeks Feedback For Drafted Crypto Regulations

Bermuda's financial regulators recently released their draft Code of Practice for Digital Asset Custody. Now, the British territory seeks help from experts to give...

Chinese Woman Documents Everyday Expenses Using Crypto As Payment

So are we ready for cryptos as a mode of payment? That's the main question that He You Bing, a young Chinese woman, finds...

European Commission Slams A Fine Of €570 Million On...

The European Commission has fined MasterCard €570,566,000 for breaching its antitrust rules by preventing merchants from accessing better conditions provided by banking institutions founded...

Latest Articles

HMRC demands info on traders from crypto exchanges in...

Sygnum Becomes World’s First Licenced and Regulated Digital Asset...

Swiss-based Sygnum, a digital asset investment and solutions provider, has become one of the world's first licensed and regulated digital asset banks after receiving...

The Easiest Way to Pass Your Microsoft MCSA MD-100:...

If you try to think of things that don't use Information Technology in one way or another, it would be a very tough task....

Are Worries Over AI’s Effect on the Financial Jobs...

A recent study by Fountech has revealed that two-thirds of adults living in the UK are concerned that the Artificial Intelligence industry will leave...

Will Cryptocurrency Gambling Kill Land-Based Casinos?

It’s hard to deny that the internet has radically changed the gambling landscape. Sure, the common perception of gambling may still involve the glitz...

Why Some Financial Bubbles Are Necessary Economic Disasters

The history of the worldwide economy is punctuated by financial bubbles. They happen more often than we think.  Fortunly’s infographic below provides a comprehensive...

Microsoft 70-411 Exam: Everything You Need to Know

We can’t deny the fact that the world is moving towards the future faster than ever before. Not a day goes by that we...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...