The Wall Street Journal reported on Sept. 3. VanEck Securities and SolidX Management is planning to start selling shares in a limited version of a Bitcoin ETF. Both firms will be using a rule that will exempt the shares from securities registration, which will let them sell the shares to certain institutional investors.
ETF launching Sept. 5?
The investment management firms are planning to start selling on Sept. 5 under the US SEC Rule 144A. It allows the sale of privately placed securities to “qualified institutional buyers.” According to the report.
VanEck and Solid will be able to offer shares of their VanEck SolidX Bitcoin Trust to institutions such as banks and hedge funds using the SEC’s exemption excluding the retail investors using.