Cryptocurrency

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.

January 20, 2021 by Atanas Ibba Mantchorov

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.