VanEck and SolidX intend to launch bitcoin-based exchange-traded investment funds (ETFs) without waiting for approval by the US Securities and Exchange Commission (SEC). It is reported by The Wall Street Journal.
According to WSJ, companies intend to provide access to Bitcoin ETFs to institutional investors in the near future. For this, VanEck and SolidX intend to use the SEC 144A rule.
In particular, the norm allows for the closed placement of securities among “qualified institutional buyers” with a shorter tenure and without a separate SEC permission. At the same time, retail investors will still have to wait for the approval of the regulator to launch Bitcoin-ETF.
It is also reported that trading in a limited mode may begin this Thursday.
Recall that in August, the SEC once again postponed the decision on bitcoin ETFs from VanEck and SolidX to a later date. The final decision deadline is October 18th.
It is worth noting that over the past few years, various companies have sought approval from the SEC to launch exchange-traded funds, but each time the regulator refused.