The need and desire for a bitcoin-based exchange-traded fund (ETF) is growing stronger every day, and while the ETF may not be out yet, VanEck Solid X has, as it announced just over a week ago, released a product to satisfy that need somewhat while we all wait for a final decision from the Securities and Exchange Commission (SEC). That product has already made serious headway in the crypto community.

VanEck Solid X Just Keeps Moving Forward

The product is a fund designed to allow institutional investors to make their mark in the world of crypto trading. It’s an over-the-counter product which began trading on a platform regulated by the SEC. While very similar with an ETF, it falls into a different category given that it’s not situated on a national crypto exchange.

Jan Van Eck, CEO of Van Eck Associates, comments:

 The big [cryptocurrency] exchanges are completely unregulated, and the traditional world has sort of said, ‘I don’t want to look at this. I’m not going to touch it,’ even though Coinbase has 20 [million] to 30 million client accounts. So, these two worlds are completely separated, and we’re trying to do a little bit of an overlap ourselves and we’ll see if it works.

The path towards a bitcoin ETF has been a long and unfulfilling one as of late. When it comes to VanEck Solid X, the joint venture has tried three times over the span of two years to get an ETF approved. That journey began in March 2017, but the SEC was quick to reject the proposal. After two more tries, the company finally managed to get the agency’s attention, who claimed it would look deeper into the matter. It posted the proposal for public comment, and after it garnered many positive responses, the SEC allegedly began to believe that a bitcoin ETF would be quite popular.

However, despite several claims that it would make a final decision, the SEC has regularly delayed its potential choices regarding the ETF. A final date has been set for October in which the SEC will say “yay” or “nay” once and for all.

 Institutional Players Only…

This new product, known as the VanEck Solid X Bitcoin Trust 144A Shares, has already garnered more than $40,000 in initial investments since it was first announced. Despite this good news, however, the product appears only available to institutional players. Van Eck states:

 We’re not directly or indirectly trying to sell to retail [investors]. That’s not what this game is. Any individual, no matter how rich, can’t buy it. It must be an institution. It must be a corporation [or] a bank, but a hedge fund can buy it, a mutual fund can buy it, and an ETF can buy it.

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