Bitcoin ETF is literally here, But only for large investors for now

VanEck, SolidX Offer ETF-Like Bitcoin Product to Large Investors

VanEck Securities Corp. and SolidX Management LLC, a duo that have unsuccessfully petitioned the U.S. Securities and Exchange Commission for over a year to approve an exchange-traded fund that invests in Bitcoin, have found a workaround for some large investors Bloomberg reports.

They are doing this by using Rule 144A of the Securities Act of 1933 they’ll be able to issue shares in the VanEck SolidX Bitcoin Trust to qualified institutional buyers.

VanEck and SolidX said they have not given up on their goal of having a Bitcoin ETF that retail investors can buy, despite numerous setbacks, and see the version of its fund offered today as a vehicle for enticing large institutional players to Bitcoin.

“There continues to be steady demand from institutional investors seeking access to a cleared product that offers the price return of Bitcoin,” said Ed Lopez, head of ETF product, VanEck. “We believe this offering solves issues associated with direct Bitcoin investments.”

Sources:

https://www.bloomberg.com/news/articles/2019-09-03/vaneck-solidx-offer-etf-like-bitcoin-product-to-large-investors?srnd=cryptocurrencies

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Mohsen Daemi
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