VanEck & SolidX May Launch Limited BTC ETF

WSJ states that companies intend to provide access to Bitcoin ETFs to institutional investors in the near future using the SEC 144A rule
04 September 2019   864

VanEck and SolidX intend to launch bitcoin-based exchange-traded investment funds (ETFs) without waiting for approval by the US Securities and Exchange Commission (SEC). It is reported by The Wall Street Journal.

According to WSJ, companies intend to provide access to Bitcoin ETFs to institutional investors in the near future. For this, VanEck and SolidX intend to use the SEC 144A rule.

In particular, the norm allows for the closed placement of securities among “qualified institutional buyers” with a shorter tenure and without a separate SEC permission. At the same time, retail investors will still have to wait for the approval of the regulator to launch Bitcoin-ETF.

It is also reported that trading in a limited mode may begin this Thursday.

Recall that in August, the SEC once again postponed the decision on bitcoin ETFs from VanEck and SolidX to a later date. The final decision deadline is October 18th.

It is worth noting that over the past few years, various companies have sought approval from the SEC to launch exchange-traded funds, but each time the regulator refused.

VanEck & SolidX to Withdraw BTC ETF Application

Bitwise and Wilshire Phoenix' Bitcoin applications are still pending
18 September 2019   188

The bid for Bitcoin ETF launch by VanEck and SolidX, considered the most likely candidate for approval, was withdrawn amid continuing uncertainty from the US Securities and Exchange Commission (SEC).

VanEck and SolidX planned to place their Bitcoin ETFs on the Chicago Options Exchange (Cboe). However, as follows from the notification published on Tuesday, on September 13, the latter withdrew the application for a change in the rules, which, if approved, would allow launching the corresponding tool.

Previously, SEC postponed the solution several times at the request of VanEck and SolidX. The last time this happened in August was when the decision on Bitcoin ETFs from Bitwise Asset Management and Wilshire Phoenix was also postponed.

The final deadlines for decision making on Bitwise and VanEck / SolidX applications were on October 13 and 18, respectively. Wilshire Phoenix's decision is due on September 29th.

It should be noted that over the past few years, various companies have sought approval from the SEC to launch exchange-traded funds, but each time the regulator refused. Most often, the reasons for the negative decision were explained by the risks of market manipulations and insufficiently developed market control tools.