A new fund from investment giant VanEck and financial technology player SolidX Management gives big-money buyers a way to invest in bitcoin, a significant step for the largely unregulated and highly scrutinized cryptocurrency market.
And, if you ask Jan Van Eck, CEO of Van Eck Associates and president and CEO of the VanEck Vectors ETF Trust, this move is a way to bridge the gap between run-of-the-mill investing and the burgeoning world of crypto. Named the VanEck SolidX Bitcoin Trust 144A Shares and available only to "qualified institutional buyers," the product has drawn more than $40,000 worth of investment since its launch.
"This is a step in the right direction," said Hempstead, formerly head of ETF sales at Deutsche Bank. "We've had this kind of thing happen in the ETF world over and over again for the last 25 years. What you have here is a new idea that's making progress towards something that people are very familiar with."
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