The new trust launched by the investment management company VanEck, boasted to be the same thing as the much coveted exchange traded fund they are currently waiting for approval on, shows disappointing results one week after launch, Cointelegraph reports on September 10th.
The company has issued little over USD41k worth of $BTC or just four Bitcoins. While the numbers were mocked by the opponents of VanEck, some analysts have stated that the new trust does not equal an exchange traded fund as it doesn't qualify within the strict US regulatory framework. Jake Chervinsky, a finance lawyer, commented on Twitter “This is misleading. The VanEck SolidX Bitcoin Trust is *not* an ETF. It looks exactly like the Grayscale Bitcoin Trust, which was launched almost six years ago."
While the VanEck exchange traded fund remains one of the most expected financial instruments to hit crypto in a while, expected to introduce huge interest from the US institutional buyers, it would appear that interest could turn out to be missing. With just four $BTC issued, it is no wonder it has become the focus of jokes, even though we need to consider this is not in fact an exchange traded fund. It would seem that the only thing that remains it to wait out the SEC ruling on the exchange traded fund to see if the institutional interest is real or will just turn out to be another crypto meme.