The latest report on VanEck SolidX Bitcoin ETF states that around 30 ‘hardcore’ pages have been included in the revised proposal. The very first proposal of VanEck has been submitted to the SEC during June 2018 and has been withdrawn due to Govt shutdown on Jan 23, 2019. However, as Coingape reported, it has again resubmitted with proposed modification on Jan 31, 2019.
ETF with 30 “hardcore” pages
Today, on Feb 08, 2019, a new release by Micky media explains that ‘various pages have been included in the filing’. VanEck’s CEO Gabor Gubacs says on CNBC’s Crypto Trader show ‘we’ve incorporated changes to the proposal’.
“There are some changes on it, we have incorporated changes to the proposal based on regulatory feedback and based on feedback from market participants,” Gubacs said.
Moreover, at this time, the ‘compelling arguments’ and reasoning have been made on how earlier ETF (built other than on bitcoin) has been approved in the past. He certainly says that ‘they have learned’ and made the best effort in this proposal. Mr. Gubacs hints to release correspondence that the firm had with the regulators – this effort was to let the market understand what VanEck learned during the time.
“Basically analogous markets, so like they’re gold and commodities markets and some of the shipping markets… So we have presented some scenarios were the SEC approved an ETF which had less transparency to the market, where pricing in those markets was not as built out as Bitcoin and the custody of the underlying assets were also not as built out,”
According to CEO Gurbacs, VanEck with SolidX and Cboe exchange steps towards including 30 pages to the ETF. These dozens of pages describe their ‘extensive consultations’ carried out since June last year (the time when first ETF proposal submitted). It contains learning and findings from such meetings with regulators and marketers at large.
“Something like 30 pages were added, it’s hardcore analysis on why Bitcoin is ready for an ETF.”