SolidX unveiled its plans to launch an ETF product called SolidX Bitcoin Trust.

SolidX Partners Inc. has proved one more time that digital currencies and the blockchain technology are attractive investment vehicles as the company files an application with the Securities and Exchange Commission to launch an exchange-traded product that tracks the price of bitcoin.

SolidX Partners Inc, a U.S. technology company that provides blockchain-based software solutions related to the indelible recording of digital records, transfer of assets, and identity, has announced that its ETF product will be called SolidX Bitcoin Trust. When approved by the Securities and Exchange Commission, the Trust will be listed on the New York Stock Exchange under the ticker symbol XBTC.

The form S-1 filed by SolidX states that SolidX Bitcoin Trust will provide shareholders with exposure to the daily change in the U.S. dollar price of bitcoin. TradeBlock XBX Index will define the value of bitcoin in the trust.

Authorized participants of SolidX Bitcoin Trust will be issued shares in blocks of 10,000.

The application says that Bank of New York Mellon will serve as a custodian of the cash held by SolidX Bitcoin Trust. SolidX Partners will bear responsibility for the ETF’s bitcoin holdings. All the bitcoin it will hold will be insured, which will guarantee the refund in case of theft, destruction, or computer fraud.

Earlier, SolidX raised $3 million from Red Swan Ventures, Red Sea Venture, Liberty City Ventures, and James Pollatta.

The filing from SolidX comes right after twin brothers Cameron and Tyler Winklevoss unveiled several amendments to their regulatory filing with the Securities and Exchange Commission. The initial bitcoin ETF application was filed three years ago. The Winklevoss Bitcoin Trust, a proposed bitcoin trading fund, used to be listed on Nasdaq. The brothers decided to switch to BATS Global Markets known for its technologically advanced exchange.

BATS Global Markets is rather popular among newly launched ETFs. The exchange operator executed 24.5% of U.S. ETF trading in May.

The Winklevoss Bitcoin Trust would trade under the ticker symbol COIN.

As soon as the Winklevoss brothers get an approval from the Securities and Exchange Commission, they have all chances to become the first bitcoin ETF regulated by the Commission. Being the first can bring considerable demand to the Trust as many cryptocurrency enthusiasts prefer to invest bitcoin properly rather than holding the digital funds themselves.

Remarkably, the Winklevoss Bitcoin Trust will be the first bitcoin-related asset for to BATS Global Markets. “We are excited to add the Winklevoss Bitcoin Trust,” said Laura Morrison, head of exchange-traded products at BATS.

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