VanEck Subsidiary Launches Bitcoin Index Based on US Spot Indices

According to a press release on Nov. 20, VanEck subsidiary MV Index solutions, an investment management firm has launched its own Bitcoin (BTC) index based on three major over-the-counter (OTC) desks.

MV Index solutions is a firm that develops, monitors and licenses the MVIS Indices, which cover several asset classes including digital assets, equity and fixed income.

The new MVIS Bitcoin U.S. OTC Spot Index (MVBTCO) is based on U.S. price feeds from major OTC liquidity providers including Circle Trade, Genesis Trading and Cumberland.

The director of Digital Asset Strategist at VanEck/ MVIS, Global Gurbacks said that the index provide further tools to institutional investors to execute institutional size traders at transparent prices on the OTC markets. He also said that ” the index may pave the way for institutionally oriented products such as ETFs (exchange- traded funds).

Financial services company SolidX and VanEck, earlier this year, jointly applied for a physically backed Bitcoin ETF to be listed on Chicago Board Options Exchange’s (CBOE) BZX equities exchange.

However ETF was postponed in August and Since its hold up , the decision is still pending from the U.S. Securities and Exchange Commission (SEC) on it .

The SEC published a memorandum in October from a meeting regarding the BTC ETF proposal from the two companies. In this , the party addressed the failure to be consistent with the Securities Exchange Act, which focuses on preventing fraudulent and manipulative acts and practices. It also directed the grounds, the regulator gave in its 2017 disapproval of SolidXs previous ETF application.

Backed by the Swiss startup Amun AG, the first global multi-crypto ETP will be listed under index HODL and managed by VanEck. According to a last week Cointelegraph report, Switzerland’s principal stock exchange , SIX Swiss Exchange announced it will list the world’s first multi-crypto based exchange traded products(ETP).