Industry Updates

VanEck’s Bitcoin 144A Shares nets only $41k in first week of trading

George Geddes

a pile of coins

On 4 September, VanEck launched the

VanEck Solid X Bitcoin Trust 144A Shares

(XBTCZ), an ETF-like product while it

waits for a verdict

on its bitcoin ETF filing by the Securities and Exchange Commission (SEC).

After a week of trading, XBTCZ has only managed to raise $41,400 in assets as of 12 September.

The shares are limited only to qualified institutional investors and comes with a total expense ratio of 2.9%.

Why bitcoin ETF deserves a green light

While there are other similar products available such as bitcoin ETPs by Amun AG and XBT Provider which come with a fee of 2.5%, XBTCZ is the first open-end and DTC-eligible bitcoin security that can be held in a brokerage account, according to VanEck.

As of 1 September, bitcoin’s value has climbed 167.8% in 2019 to £8,032.62. XBTCZ’s benchmark, the MVIS Bitcoin US OTC Spot Index (MVBTCO), has slightly underperformed having risen 157.2% over the same period.

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