After another SEC delay, the VanEck and SolidX team decided to introduce a “limited version” of Bitcoin-ETF for institutional investors.
According to The Wall Street Journal, representatives of VanEck and SolidX intend to take advantage of the exception to the rules and still launch the product expected by many – Bitcoin-ETF. Companies will be able to offer access to a financial instrument to institutional clients, while retail investors will have to wait for the SEC official permission.
It is noted that access to the Bitcoin-ETF can be opened on September 5 in accordance with the rule of the department 144A, which allows you to start the circulation of securities among qualified institutional clients who wish to act as buyers. So, through closed placement, companies can offer Bitcoin-ETF hedge funds, banks, but not retail customers. Such a move, according to company representatives, will allow the US Securities and Exchange Commission to demonstrate its viability and readiness for a full launch.
