VanEck and SolidX bypass SEC by offering Bitcoin ETFs to accredited investors

Two investment companies whose Bitcoin ETF proposals have been delayed by the SEC have found a way around the tight regulations.

In a joint statement, VanEck Securities Corp. and SolidX Management said they planned on launching a "Limited version" of the BTC ETFs, only available to accredited investors.

Securities Act exemption allows VanEck and SolidX to issue a Bitcoin ETF. After facing yet another delay on their joint Bitcoin exchange-traded-fund proposal, asset management companies VanEck Securities Cop.

SolidX Management LLC found a way to bypass strict SEC regulations.

In a joint press release, the two companies announced that they plan on issuing a limited version of their originally planned Bitcoin ETF, only available to institutional investors.

According to The Wall Street Journal, VanEck and SolidX will sell shares in the VanEck SolidX Bitcoin Trust to qualified institutional buyers.

According to the companies' statements, SolidX will be the sponsor of the Bitcoin Trust whose shares are offered to investors, while VanEck will be responsible for marketing the fund.

"The launch welcomes an entirely new class of investors to the table, promoting the maturation of the Bitcoin market," he said in an interview with Bloomberg.

The companies haven't abandoned work on their originally proposed ETF. Their joint goal is still creating a Bitcoin ETF that will be available to retail investors.

Both VanEck and SolidX see their limited, institutional-only ETF as a way to bring large institutional players into Bitcoin.