SolidX Management LLC has sued VanEck in New York state court alleging breach of contract to create its proposed bitcoin exchange traded fund (ETF) using SolidX technology.
- SolidX Management LLC sued VanEck Securities Corporation, cutting long-standing ties between the companies that have been co-applying for SEC approval of a bitcoin ETF since 2018.
- The two companies, both located in Manhattan, also collaborated on a non-ETF financial product called the VanEck SolidX Bitcoin Trust, which later gained some approvals for institutional, private placement offerings.
- According to the lawsuit filed by SolidX earlier this month, VanEck abruptly terminated a contract to build and register a rival product, using SolidX's work.
- The suit suggests that SolidX Management LLC aimed to obtain SEC's approval first but chose to partner with VanEck, which has minimal expertise in bitcoin and digital assets, yet a good brand and credibility.