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Alternative Market Briefing

VanEck, SolidX offer ETF-like Bitcoin instrument to institutional buyers

Wednesday, September 04, 2019

Laxman Pai, Opalesque Asia:

Investment firm VanEck and financial technology company SolidX Management LLC will sell shares in a limited version of a Bitcoin exchange-traded fund (ETF), using a rule that exempts the shares from securities registration, under which shares can be sold only to certain institutional investors.

According to a press note, the investment management firms are planning to start selling on Sept. 5 under the United States Securities and Exchange Commission's (SEC) Rule 144A, which allows the sale of privately placed securities to "qualified institutional buyers."

The companies will use an SEC exemption that will allow shares in their VanEck SolidX Bitcoin Trust to be offered to institutional investors, hedge funds and banks, but not to retail investors.

The shares can be quoted on OTC Link ATS, an SEC-regulated alternative trading system, starting this Thursday. An ATS, which matches orders for buyers and sellers of securities, is not a national securities exchange but may apply to the SEC to become such.

"Institutional demand for bitcoin exposure is uncertain, because institutional quality vehicles simply have not, to this point, been readily available," said Jan van Eck, Chief Executive Officer of VanEck.

"We're introducing a solution for institutions that fit within their operational processes and the current regulatory framework," Jan added.

VanEck, a firm with a 50+ year track record of engineering investment strate......................

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