Earlier this week, blockchain technology provider SolidX revealed in a filing with the Securities and Exchange Commission (SEC) that is looking to launch an exchange traded fund based on the digital currency bitcoin.
“According to the S-1 filing, the trust will issue shares that represent units of ownership in the trust, with SolidX Management LLC acting as the custodian of bitcoin held by the trust. Bank of New York Mellon, in turn, will act as the administrator of the trust and custodian for its cash holdings,” reports Pete Rizzo for CoinDesk.
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The filing from SolidX was revealed just days after it was reported that the Winklevoss Bitcoin Trust, the highly anticipated exchange traded fund sponsored by twin brothers Cameron and Tyler Winklevoss, when it comes to market, will trade on the Bats ETF Marketplace. It was previously expected that the Winklevoss Bitcoin Trust would trade on the Nasdaq.[related_stories]
Bitcoin is a type of decentralized digital currency based on a peer-to-peer network and can be exchanged through computers internationally without a financial intermediary. The system was first introduced by developer Satoshi Nakamoto in 2009.