According to the Wall Street Journal today, investment management companies VanEck Securities and SolidX Management will begin to issue Bitcoin ETF shares on Thursday.
Even now, in early September, this month can be said to be a turning point in the field of bitcoin and cryptocurrency. After Binance and Bitfinex announced their cryptocurrency derivatives yesterday, VanEck is poised to set another milestone for the cryptocurrency industry as Bakkt moves forward on the bitcoin futures platform for physical delivery.
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The investment management company, in partnership with SolidX, plans to begin selling its Bitcoin ETF share. This "limited edition" of ETFs will only be available to certain institutional investors such as banks, hedge funds and brokers.
Bitcoin has been around for more than 10 years, but we still haven't witnessed the passage of the Bitcoin ETF. The US Securities and Exchange Commission (SEC) has been reluctant to give the Bitcoin ETF a green light.
However, VanEck and SolidX said that the rules they adopted would save their ETF share from being registered with the SEC. Its Bitcoin ETF share will be issued based on the SEC's 144A rule, which allows the sale of privately held securities to certain institutional investors.
At the same time, VanEck and SolidX are still waiting for the SEC to approve the Bitcoin ETF they submitted in 2018. The two companies claim that the limited edition of the fund will show regulators that the Bitcoin ETF is operational.
The two companies' practices are similar to Grayscale's closed-end fund, GBTC, which is dedicated to investing in Bitcoin. GBTC currently manages $2.3 billion in assets, or 23,9055.5 bitcoins.
The SEC representative declined to comment on the behavior of VanEck and SolidX. This regulator is still struggling with fraud and manipulation in the encryption market.
The decisions of the two companies have attracted the interest of some investment experts. Anna Pinedo, a partner at Mayer Brown's New York office, said she had never seen a company issue securities under Section 144A and then gave a green light to products for retail investors.