Fintech Startup Sues VanEck Over Canceled Bitcoin ETF

Law360 (January 12, 2021, 9:18 PM EST) -- Blockchain startup SolidX Management accused asset manager VanEck Securities Corporation of breach of contract in a suit filed in New York state court Tuesday, saying VanEck cut ties with the crypto firm only to create its own bitcoin exchange-traded fund using SolidX's technology.

SolidX and VanEck, both based in Manhattan, spent years working to establish an open-ended, tradeable financial product based on bitcoin, the VanEck SolidX Bitcoin Trust, according to the complaint.

The two companies "worked together to market shares of the Trust" to qualified institutional buyers as a precursor to the U.S. Securities and Exchange Commission's approval of trust shares...

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