Sidley represented SolidX Management LLC in connection with a first of its kind offering of shares of VanEck SolidX Bitcoin Trust. The shares will trade in the secondary market exclusively among Qualified Institutional Buyers (QIBs) pursuant to Rule 144A under the Securities Act of 1933. SolidX announced that the Trust will begin to make sales on September 4, 2019. The Trust will provide institutional investors access to a physically-backed bitcoin product that is tradeable through traditional and prime brokerage accounts. The Trust offers the first institutional-quality, cleared product providing exposure to bitcoin and enabling a standard ETF creation-and-redemption process. SolidX is the sponsor of the Trust.
The New York-based Sidley team was led by partners Benson Cohen and Prabhat Mehta, on the offering; and Lilya Tessler on regulatory matters, with advice from tax partner Dominique Gallego, and assistance from associates Daniel Engoren, securities regulation and Melanie B. Schaschl, investment funds.