VanEck SolidX Bitcoin Trust under rule 144A launches last Sept 4.

[Baofeng]

https://www.vaneck.com/institutional/bitcoin-144a/overview

VanEck SolidX Bitcoin Trust 144A Shares (the "Trust") looks and feels like a traditional ETF. The Trust seeks to provide qualified institutional buyers (QIBs) access to a convenient and cost-effective way to buy and hold bitcoin through a cleared security that is tradeable through traditional and prime brokerage accounts. The investment objective of the Trust is to reflect the price of bitcoin, less the expenses of the Trust. The bitcoin held by the Trust are protected by multi-factor, cold storage security. The Trust’s bitcoin holdings are audited and insured by a syndicate of A-rated underwriters against loss or theft.3

Could be another step for their Bitcoin ETF approval? Or are they anticipating a rejection on October that's why they go ahead with this one? Or they wanted to join the bandwagon because Bakkt starts accepting warehouse deposits?

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[Slow death]

In this article that I read:

VanEck, SolidX to Offer Limited Bitcoin ETF for Institutions Via Exemption

said it would be released on September 5

VanEck, SolidX Bitcoin ETF launching Sept. 5

anyway they tired with of so many delays and decided to move on

[figmentofmyass]

Could be another step for their Bitcoin ETF approval? Or are they anticipating a rejection on October that's why they go ahead with this one? Or they wanted to join the bandwagon because Bakkt starts accepting warehouse deposits?

they're anticipating rejection. they know damn well an ETF won't be approved which is why they're now scrambling to offer an "ETF-like" product.

this is 100% about the launch of BAKKT later this month---they don't want to give them the first mover advantage. when the push to create an ETF started a couple years ago, i think vaneck truly believed they would be the first legacy giant to reach the institutional market. they're seeing that opportunity slip away.