VanEck, SolidX to Offer Limited Bitcoin ETF for Institutions Via Exemption

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Following another delay on Bitcoin exchange-traded funds (ETFs), asset managers VanEck and SolidX plan to sell a limited version of a Bitcoin ETF.

VanEck Securities and SolidX Management want to start selling shares in a limited version of a crypto ETF, employing a rule that exempts the shares from securities registration, while shares can be sold only to certain institutional investors, The Wall Street Journal reports Sept. 3. 

VanEck, SolidX Bitcoin ETF launching Sept. 5

According to the report, the investment management firms are planning to start selling on Sept. 5 under the United States Securities and Exchange Commission’s (SEC) Rule 144A, which allows the sale of privately placed securities to “qualified institutional buyers.” 

By using the SEC’s exemption, VanEck and Solid will be able to allow shares in their VanEck SolidX Bitcoin Trust to be offered to institutions such as banks and hedge funds, but not retail investors, the report notes. 

Since VanEck and SolidX Partners requested the SEC to list a Bitcoin ETF in 2018, the regulator has multiply delayed the decision on the matter, having approved zero crypto ETFs to date. On Aug. 12, the SEC again delayed its decision on three Bitcoin ETFs, including VanEck SolidX, Bitwise Asset Management and Wilshire Phoenix.

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