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

  • SEC has rejected or delayed several requests for a retail ETF
  • Bitcoin has almost tripled this year after falling 74% in 2018
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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.

The companies said in a statement on Tuesday that 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. The shares are the first Bitcoin product for institutions that is cleared and features the same creation-and-redemption process common with traditional ETFs, according to the statement.