Global investment management firm VanEck, is facing a lawsuit from blockchain firm and former-partner SolidX over a Bitcoin ETF that VanEck filed for SEC approval less than two weeks ago.
In 2017, VanEck became the first company to file for a Bitcoin exchange-traded fund registered under the Investment Company Act, while SolidX has been working to bring a Bitcoin ETF to market since 2015. The two firms joined forces in June 2018, with SolidX touting its deep experience with crypto as a compliment to VanEck’s extensive background in issuing financial products.
However, after withdrawing their most recent joint application for a Bitcoin ETF in September 2019, the two firms parted ways in August 2020. SolidX’s complaint describes the split as a “bad faith termination” of their agreement.
On Dec. 31, VanEck announced it had filed a new application for a Bitcoin ETF.
According to the lawsuit, VanEck’s SEC filings suggest the firm was “surreptitiously working on its own Bitcoin