VanEck and SolidX to offer Bitcoin Trust to institutions via an SEC exemption while waiting for ETF approval

VanEck Securities and SolidX Management plan to take an unusual route to bypass the regulatory hurdles to launching proposed Bitcoin ETFs, according to a report by the Wall Street Journal on Tuesday. The two firms will allow shares in their VanEck SolidX Bitcoin Trust to be offered to institutions such as hedge funds and banks, but not to retail investors. Under the SEC’s Rule 144A, privately placed securities can be traded among “qualified institutional buyers” with shorter holding periods and without the requirement to register with the SEC, CoinDesk reports.