SolidX Looks to Launch Bitcoin ETF on the New York Stock Exchange

By July 15, 2016Bitcoin Business

SolidX Partners Inc., a company that specializes in blockchain-based identity services, has registered with the Securities and Exchange Commission (SEC) to launch the SolidX Bitcoin Trust, an exchange-traded fund ( ETF ) that will provide shareholders exposure to the daily change in the U.S. dollar price of bitcoin, minus expenses and liabilities of the trust, as measured by the TradeBlock XBX Index.

The trust will list on the New York Stock Exchange under the ticker symbol “XBTC,” the company announced on its website . It will not be actively managed.

The SolidX Bitcoin Trust follows the Winklevoss Bitcoin Trust bitcoin ETF, which filed with the SEC in 2014, and recently filed to switch its listing from Nasdaq to BATS Global Markets. ETF To Utilize XBX Index Price

The SolidX Bitcoin Trust will utilize the XBX Index price to determine the daily net asset value, providing stakeholders with an accurate and reliable benchmark for the price of bitcoin. Once approved, shares of the SolidX Bitcoin Trust will list and trade on NYSE Arca, the exchange for the largest gold ETF, the SPDR Gold Trust (GLD).

An electronic version of the SolidX Bitcoin Trust registration statement can be accessed through the SEC’s website at www.sec.gov.

TradeBlock’s XBX Index has become the leading institutional reference rate for the price of bitcoin, and is designed to serve the needs of ETF traders and providers. The index value is a live rate calculated once per second based on trading activity on bitcoin exchanges.

The XBX Index weighs the most liquid exchanges more heavily to maximize replicability of the index rate in live spot markets. It algorithmically discounts price deviations caused by market anomalies and manipulation attempts in real time.

The XBX Index governance protocol and calculation methodology are based on the IOSCO Principles for Financial Benchmarks, which further […]

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