SolidX Bitcoin Trust files with SEC for IPO on NYSE

SolidX Bitcoin Trust files with SEC for IPO on NYSE

- in All News, Cryptocurrencies
solidx

SolidX, a US blockchain technology company said it has filed a registration statement with the US regulator the Securities Exchange Commission (SEC) regarding the planned initial public offering (IPO) of its SolidX Bitcoin Trust.

According to the company statement, the exchange-traded fund (ETF) will be listed on the New York Stock Exchange under the ticker XBTC. The aim of the SolidX Bitcoin Trust is to provide shareholders with “exposure to the daily change in the U.S. dollar price of bitcoin, before expenses and liabilities of the Trust, as measured by the TradeBlock XBX Index.”

The XBX is a real-time, USD-denominated, composite reference rate for the price of bitcoin. The sponsor and calculation agent for the XBX is Schvey, Inc., also known as TradeBlock.

In its filing, SolidX says the fund will not be actively managed. The initial goal, according to the filing, is the raising of up to $1 million. The offering will be only by means of prospectus and will be offered to institutional investors. It is expected that “shareholders will be able to more effectively implement strategic and tactical asset allocation strategies that use bitcoin by investing in the shares than by purchasing, holding and trading bitcoin directly.”

The Bank of New York Mellon will serve as administrator of the trust and custodian of its funds.

SolidX was established in 2014 and develops financial and identity management solutions based on blockchain. It has raised $3 million in one round from 4 investors.

 

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