Investment management firms VanEck Securities Corp. and SolidX Management are planning to allow institutional investors to work with Bitcoin-ETFs without the approval of the U.S. Securities and Exchange Commission (SEC), The Wall Street Journal (WSJ) reports.
According to the publication, firms will use the "unusual" way of circumventing existing SEC requirements. To do this, they will turn to the exception provided by law, which will offer VanEck SolidX Bitcoin Trust securities to institutional investors.
According to the WSJ, VanEck and SolidX will open their bitcoin-ETF related services this Thursday in accordance with the rule 144A, which allows organizing the circulation of securities through closed placement among "qualified institutional buyers" with a shorter shelf life and without the necessity to obtain permission from the SEC.
Earlier this year, the SEC extended the deadline for its decision on three applications for the launch of exchange-traded funds linked to bitcoin.
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