Founders of the VanEck SolidX Bitcoin Trust
First to launch a physically-backed Bitcoin ETF for institutional investors
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SolidX Timeline
2014
SolidX was established
to offer institutional
access to Bitcoin.
2015
SolidX secured $125 million of Bitcoin insurance from a syndicate of Lloyd’s
underwriters.
2016
SolidX formed the SolidX
Bitcoin Trust and partnered
with BNY Mellon and the NYSE.
The SolidX Bitcoin Trust filed with the SEC to become
the first Bitcoin ETF.
2017
SolidX initiated partnership discussions with multiple established fund managers
after the SEC disapproved its
initial ETF filing.
2018
SolidX and VanEck, one of the largest fund managers in the world, announced their partnership to bring the Bitcoin ETF to market as the renamed VanEck SolidX Bitcoin Trust.
2019
SolidX and VanEck strategically withdrew their filing to
continue discussions with the SEC.
The VanEck SolidX Bitcoin Trust launched by issuing 144A shares that were quoted on the OTC Markets and were available to qualified institutional buyers.
2020
VanEck wrongfully terminated its partnership with SolidX to pursue its own Bitcoin ETF.
2021
SolidX sued VanEck in New York State Court for breach of contract seeking $700 million in damages.
The court denied VanEck’s attempt to dismiss SolidX’s claims.
2024
The SEC approved the first Bitcoin ETFs, including the VanEck Bitcoin Trust and GBTC, which for SolidX's damages claim is the closest comparable product. The Bitcoin ETFs approved by the SEC continue to break ETF asset accumulation records, generating millions of dollars in management fees for the fund issuers.
Present
The lawsuit continues to advance through the judicial process with the discovery phase of the case scheduled to conclude in the coming months and trial anticipated to commence in 2025.
About the Founders of SolidX
Daniel H. Gallancy
Co-founder & Chief Executive Officer
Daniel H. Gallancy holds a BA in Physics and BSE in Electrical Engineering from the University of Pennsylvania and a MBA from Columbia Business School. With a wealth of expertise spanning more than ten years in Information Technology encompassing hardware and software domains, he stands as a seasoned professional who has embraced blockchain technology from its early stages. Throughout his career, he has worked on numerous projects for the establishment of robust and reliable infrastructure for this emerging technology. Daniel is currently the co-founder of a B2B software startup that developed and patented an innovative encryption solution.
Dimitri Nemirovsky
Co-founder & President
Dimitri has been involved in the Bitcoin and blockchain ecosystem since 2013. He has extensive experience with the use of blockchain technology and digital assets, including within the finance industry. Prior to co-founding SolidX, Dimitri spent 15 years as an attorney practicing in the financial services sector with a focus on capital markets and regulation. Dimitri has specialized knowledge in a wide assortment of traditional and non-traditional products, and the regulatory issues relating to various asset classes, including derivatives, swaps, structured products, and commodities. Dimitri is currently the co-founder of a B2B software startup that developed and patented an innovative encryption solution.
News
VanEck SolidX Bitcoin Trust Issues 144A Shares for Qualified Institutional Buyers
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Daniel H. Gallancy
Co-founder & Chief Executive Officer
Daniel H. Gallancy holds a BA in Physics and BSE in Electrical Engineering from the University of Pennsylvania and a MBA from Columbia Business School. With a wealth of expertise spanning more than ten years in Information Technology encompassing hardware and software domains, he stands as a seasoned professional who has embraced blockchain technology from its early stages. Throughout his career, he has worked on numerous projects for the establishment of robust and reliable infrastructure for this emerging technology. Daniel is currently the co-founder of a B2B software startup that developed and patented an innovative encryption solution.
Dimitri Nemirovsky
Co-founder & President
Dimitri has been involved in the Bitcoin and blockchain ecosystem since 2013. He has extensive experience with the use of blockchain technology and digital assets, including within the finance industry. Prior to co-founding SolidX, Dimitri spent 15 years as an attorney practicing in the financial services sector with a focus on capital markets and regulation. Dimitri has specialized knowledge in a wide assortment of traditional and non-traditional products, and the regulatory issues relating to various asset classes, including derivatives, swaps, structured products, and commodities. Dimitri is currently the co-founder of a B2B software startup that developed and patented an innovative encryption solution.