After another delay in approving exchange-traded bitcoin funds, VanEck and SolidX asset managers plan to offer a limited version of bitcoin ETFs.
VanEck Securities and SolidX Management want to start selling shares of a limited version of the cryptocurrency ETF, applying a rule that exempts shares from registration as securities if they are sold only to certain institutional investors.
According to available information, investment management firms plan to start selling on September 5th. They will be conducted in accordance with SEC Rule 144A, which permits the closed sale of securities to qualified institutional clients.
Using this loophole, VanEck and Solid will be able to offer VanEck SolidX Bitcoin Trust shares to various institutions, such as banks and hedge funds (excluding retail investors).
Earlier, the regulator postponed several times the adoption of the decision on the approval of the Bitcoin-ETF, and to date, no such fund has been authorized. The last time the decision was postponed on August 12.