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The ETF shares have been offered via Rule 144A and will provide institutional investors access to a physically-backed Bitcoin ETF product that is tradeable through traditional and prime brokerage accounts. The main goal is to show to the regulatory agency in the United States that the market is ready to deal with a Bitcoin-based ETF.
The main goal is to show to the regulatory agency in the United States that the market is ready to deal with a Bitcoin-based ETF. At the moment, the SEC didn’t comment on this decision. Regulators in the United States consider that the cryptocurrency market is manipulated and it requires more liquidity. According to Anna Pinedo, a partner at Mayer Brown’s New York office, there has never been a company offering shares using the Rule 144A and seek green light for a product for retail investors.
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