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.
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.
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.
Nibha Ritter, MV Index Solutions
+49 (0)69 4056 695 22
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Original Release: Business Wire