Investment companies VanEck and SolidX figured out how to launch an exchange-traded fund tied to bitcoin price without waiting for green light from the US regulator.

The New York-based investment management firm VanEck and SolidX, which are waiting for permission from the US authorities to launch bitcoin ETF, are ready to start offering a new product without waiting for the green light from the regulator, the Wall Street Journal reports.

VanEck and SolidX will launch bitcoin ETF, but they will offer its shares only to a limited circle of buyers. The new product will be available for purchase only for institutional investors such as banks, hedge funds, and brokers. VanEck and SolidX plan to bypass the obligation to wait for permission appealling to the rule 144A, which allows the sale of privately placed securities to “qualified institutional buyers.”

However, there were no precedents of such a move in the history of the US market. According to Anna Pinedo, partner at Mayer Brown's New York office, she does not remember any company that appealed to the rule 144A in order to sell ETF shares without registering them with the SEC.

VanEck and SolidX applied for the launch of bitcoin ETF last summer, but the SEC is still delaying the decision on this application. The regulator rejected several times applications of other companies seeking also to launch crypto-ETFs, explaining its decision by mentioning that the cryptocurrency market is too prone to fraud and manipulations.

The Securities and Exchange Commission did not comment on possible VanEck's plans.