Spotlight: SolidX Mission Statement


It seems like many in the community are familiar with SolidX as a part of a sentence reading “SEC Delays VanEck-SolidX Bitcoin ETF Decision to September”. Here is something I found interesting from their “Company IPO Overview”

TLDR:

>Shares are issued by the Trust only in blocks of 100,000 Shares called “Baskets”
principally in exchange for cash from certain registered broker-dealers or other
securities market participants (“Authorized Participants”).

Quick Math:

Current Price: $6647.63 (time of posting) x 100,000 = $664,763,000 per “Basket”.

Full Text Via [Nasdaq Link](https://www.nasdaq.com/markets/ipos/company/solidx-bitcoin-trust-998826-81288):

>**Company Description**

>A bitcoin is an asset that can be transferred among parties via the Internet,
but without the use of a central administrator or clearing agency. Bitcoin with
an upper case “B” describes the system as a whole (i.e., the network of
computers running the software protocol underlying bitcoin involved in
maintaining the database of bitcoin ownership and facilitating the transfer of
bitcoin among parties). When written with a lower case “b”, the word bitcoin
refers to the unit of account within the Bitcoin network. The Bitcoin network
and the asset, bitcoin, are intrinsically linked and inseparable.

>The Bitcoin network, which has existed since 2009, can be used both as a value
transfer system (i.e. the transfer of bitcoin from one party to another) and for
non-financial applications. Development of the Bitcoin network’s usage for
non-financial applications has become increasingly prominent, including
applications such as: asset title transfer, secure timestamping, counterfeit and
fraud detection systems, secure document and contract signing, distributed cloud
storage and identity management. As a mechanism purely for the transfer of
value, the Bitcoin network has processed more than 190 million transactions
since its inception. More than 100,000 merchants accept bitcoin for goods and
services. To date, venture capitalists have invested more than $1 billion in
businesses related to Bitcoin and the blockchain, the technology underlying the
Bitcoin network.

>SolidX Bitcoin Trust (the “Trust”) was formed as a Delaware statutory trust on
September 15, 2016. The Trust is governed by the Amended and Restated
Declaration of Trust and Trust Agreement (“Trust Agreement”) dated February 1,
2017 between SolidX Management LLC (the “Sponsor”) and Delaware Trust Company
(the “Trustee”). The Trust will issue common units of beneficial interest, or
“Shares,” which represent units of fractional undivided beneficial interest in
the Trust’s net assets. The Trust’s assets will consist of bitcoin, the unit of
account within the Bitcoin network as described in the preceding paragraphs. The
Trust will occasionally hold cash for short periods in connection with the
Basket creation and redemption process, and to pay the Sponsor’s Management Fee,
the bitcoin Insurance Fee and any other Trust expenses and liabilities not
assumed by the Sponsor.

>The Shares provide shareholders with the opportunity to access the bitcoin
market though a traditional brokerage account. The Sponsor believes that
shareholders will be able to more effectively implement strategic and tactical
asset allocation strategies that use bitcoin by investing in the Shares than by
purchasing, holding and trading bitcoin directly. The value of bitcoin will be
reported on the Trust’s website daily as measured by the TradeBlock Bitcoin
Index (“XBX”).

>Shares are issued by the Trust only in blocks of 100,000 Shares called “Baskets”
principally in exchange for cash from certain registered broker-dealers or other
securities market participants (“Authorized Participants”). Baskets will be
redeemed by the Trust principally in exchange for the amount of cash
corresponding to their redemption value. Baskets may also be created or redeemed
partially or wholly in exchange for bitcoin at the discretion of the Sponsor if
the Authorized Participant can convey bitcoin directly to the Trust. The Trust
issues and redeems Baskets on an ongoing basis at net asset value (“NAV”) to
Authorized Participants who have entered into a contract with the Sponsor and
the Transfer Agent.

>Individual Shares will not be redeemed by the Trust, but are expected to be
listed for trading. The Trust is not a registered investment company under the
Investment Company Act of 1940, as amended (“1940 Act”), and is not required to
register with the Securities and Exchange Commission thereunder. The Trust is
not a commodity pool for purposes of the Commodity Exchange Act of 1936, as
amended, and the Sponsor is not subject to regulation by the Commodity Futures
Trading Commission as a commodity pool operator or a commodity trading advisor.

>Shareholders may purchase and sell Shares through traditional brokerage
accounts. Secondary market purchases and sales of Shares are subject to
customary brokerage commissions and charges. Shareholders are encouraged to
review the terms of their brokerage accounts for applicable charges.

>The market price of the Shares may not be identical to the NAV per Share. The
intra-day indicative value per Share is based on the prior day’s final NAV per
Share, adjusted every 15 seconds throughout the day to reflect the continuous
price changes of the Trust’s bitcoin holdings, to provide a continuously updated
indicative intra-day value per Share. The Trust is not involved in or
responsible for the calculation or dissemination of the indicative intra-day
value per Share and makes no warranty as to the accuracy of the indicative
intra-day value per Share.

___

>The offices of the Trust and the Sponsor are located at 200 Park Avenue, New
York, New York 10166 and the Trust’s telephone number is (212) 273-9585. The
office of the Trustee is located at 2711 Centerville Road, Wilmington, Delaware
19808. The offices of the Administrator, Transfer Agent and Cash Custodian are
located at 2 Hanson Place, Brooklyn, New York 11217. The offices of the Order
Examiner are located at Three Canal Plaza, Suite 100, Portland, Maine 04101.

Added: [As filed with the Securities and Exchange Commission on June 5, 2018: VanEck SolidX Bitcoin Trust](https://www.sec.gov/Archives/edgar/data/1668039/000110465918038369/a18-2298_1s1a.htm)

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Gnosis’ new mission statement: Redistribute the future


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