Not long after a delay occurred on the Bitcoin exchange-traded funds (ETFs), VanEck and SolidX – 2 assets managing services providers – has reportedly had intentions to roll out a limited version of their Bitcoin ETF.

Specifically, VanEck Securities and SolidX Management are considering putting up shares of a limited version of a Bitcoin ETF for public purchase, which will utilize a rule that grant exemption from a registration law regarding securities, which stated that only a few specific institutional investors can acquire securities via purchasing. 

Reported by the Wall Street Journal on September 3, the 2 investment management companies will be making their securities for public purchase beginning September 5th, under Rule 144A – issued by the US Securities and Exchange Commission’s (SEC) – which specifically authorized trading activities, concerning privately placed securities to “qualified institutional buyers.”

With the utilization of the SEC’s exemption, VanEck and Solid could promote their Bitcoin Trust to establishments, nominally banks and hedge funds, but not retail investors. 

VanEck and SolidX Partners has made an inquiry to the SEC last year, asking them to put a Bitcoin ETF on listing, which has been postponed numerous times.