VanEck Securities Corp. and SolidX Management plan to deliver a “limited version” of the Bitcoin Exchange Fund (ETF) to institutional investors. The launch will take place the day after tomorrow, on Thursday.
Today, the Wall Street Journal reported thatAn “unusual” agreement is possible in accordance with Section 144A of the US Securities and Exchange Commission (SEC), which allows the sale of privately placed securities to “qualified institutional buyers”.
Earlier, the SEC has repeatedly postponed the decision on the Bitcoin ETF by VanEck-SolidX, citing concerns related to fraud and market manipulation.
Under rule 144A, VanEck-SolidX Bitcoin ETFs are available to institutions such as hedge funds, brokers, and banks, and not to retail or individual investors.
VanEck and SolidX are hopeful that this limited version will prove that the Bitcoin ETF can work.
This agreement is somewhat reminiscent of a closed fundGBTC Grayscale, which invests exclusively in Bitcoin. GBTC currently owns assets under the management of $ 2.3 billion, or 239,055.5 BTC.