September 3, 2019 VanEck & SolidX to offer a Bitcoin ETF-like instrument to institutional investors.

The firms have previously applied to offer a full Bitcoin ETF, currently under review by the SEC; this more limited version represents a proof of concept. It will be issued under SEC rule 144A, and will be targeted at hedge funds, brokers, and banks, not individual retail investors. This draws parallels to Grayscale Investment Trusts, which are closed-end funds tied to cryptoasset holdings, and often trade at 10% or more over their NAV.