The company’s investment management VanEck Securities Corp. SolidX and Management plan to allow institutional investors to work with a bitcoin ETF without the approval of the Commission on securities and stock exchanges (SEC) the USA, reports The Wall Street Journal.
As writes the edition, the company will use “unusual” way to circumvent the requirements of SEC. To do this, they will appeal to the provided by law exception, which will allow it to offer securities VanEck SolidX Bitcoin Trust to institutional investors.
According to the WSJ, trade bitcoin ETF in a restricted format may begin as soon as Thursday, in accordance with rule 144A, which allows you to organize the circulation of securities through private placement among “qualified institutional buyers” with a shorter shelf life and without the need to obtain permission from the SEC.
August 12, the SEC once again has postponed a decision on the bitcoin ETF VanEck/SolidX. The final date for considering applications is 18 October.
Over the last several years different companies tried to get approval from the SEC to launch a bitcoin ETF, but every time, the regulator refused. Most often the reasons cited risks of market manipulation and insufficiently developed monitoring tools for the market.
VanEck and SolidX hope limited launch a bitcoin ETF will allow you to convince the SEC to grant permission for a full launch.
Subscribe to our Telegram-channel Ihodl and stay up to date with the latest news.