Money management firm VanEck is trying again for a bitcoin exchange-traded fund.
On this third attempt, the company is teaming up with blockchain company SolidX and basing the fund on actual bitcoins rather than futures.
Each share of the VanEck SolidX Bitcoin Trust is set to cost a hefty $200,000, according to a filing with the Securities and Exchange Commission on Wednesday. The high price reflects the fund's focus on institutional, rather than retail, investors, SolidX CEO Daniel H. Gallancy said in a phone interview with CNBC.
If all regulatory filings go through according to plan, the ETF should launch by sometime in the first quarter of 2019, Gallancy said. The fund will track a bitcoin index from VanEck's subsidiary MVIS that uses prices from over-the-counter trades rather than electronic cryptocurrency exchanges.
It's not clear whether the structure of the ETF or bitcoin's relative stability recently will help the fund gain approval. Several companies, including VanEck, have tried unsuccessfully to launch bitcoin ETFs in the United States.