SolidX accuses VanEck of plagiarising bitcoin-ETF filing

The fintech startup SolidX has filed a lawsuit against investment firm VanEck. The filing concerns its application to register a bitcoin-based exchange-traded fund (ETF), Law360 reports.

SolidX had been working on creating a bitcoin ETF since 2015, and later joined forces with VanEck. The two companies filed a joint application, but withdrew it in September 2019.

In 2020, the partners ended their relationship. However, on December 30, VanEck filed a new filing to launch a bitcoin ETF.

SolidX argues that VanEck acted in bad faith. The startup’s representatives describe the registration filing with the U.S. Securities and Exchange Commission (SEC) as plagiarism.

“The structure of the proposed VanEck bitcoin ETF is essentially identical to the structure for which SolidX sought SEC approval,” the suit states.

The startup claims that the bitcoin ETF the partners were working on was originally named SolidX Bitcoin Trust. It was later renamed VanEck SolidX Bitcoin Trust at the defendant’s insistence.

Earlier, JPMorgan strategists stated that approval of a bitcoin ETF in the United States will negatively affect the price of the leading cryptocurrency in the short term.

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