VanEck SolidX’s Bitcoin Trust Shares Offering

Sidley represented SolidX Management LLC.

Van Eck Securities and SolidX Management partnered to create another bitcoin-linked financial vehicle, offering shares of VanEck SolidX Bitcoin Trust.

The shares will trade in the secondary market exclusively among Qualified Institutional Buyers (QIBs) pursuant to Rule 144A under the Securities Act of 1933. SolidX announced that the Trust will begin to make sales on September 4, 2019. The Trust will provide institutional investors access to a physically-backed bitcoin product that is tradeable through traditional and prime brokerage accounts. The Trust offers the first institutional-quality, cleared product providing exposure to bitcoin and enabling a standard ETF creation-and-redemption process. SolidX is the sponsor of the Trust.

The New York-based Sidley team was led by partners Benson Cohen (Picture) and Prabhat Mehta, on the offering; and Lilya Tessler on regulatory matters, with advice from tax partner Dominique Gallego, and assistance from associates Daniel Engoren, securities regulation and Melanie B. Schaschl, investment funds.

Involved fees earner: Benson Cohen – Sidley Austin LLP; Daniel Engoren – Sidley Austin LLP; Dominique Gallego – Sidley Austin LLP; Prabhat Mehta – Sidley Austin LLP; Melanie Schaschl – Sidley Austin LLP; Lilya Tessler – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: SolidX Management LLC;

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Author: Ambrogio Visconti