Shares of the Van Eck Solid X Bitcoin ETF will be sold under the SEC's Rule 144A, which is traditionally used to issue junk debt to "qualified investors" allowing them to make a market.

The only bitcoin-focused asset that has existed to date is the Grayscale Bitcoin Investment Trust, which was notorious for trading at a massive premium to BTC during the 2017 rally, only to come crashing back to earth s prices moderated early the following year.

Firms have been trying without much success to get regulatory approval for funds to bring bitcoin to a broader universe of investors.

Cryptos are rallying on the news of the much-anticipated ETF offerings...

Many BTC market analysts believe retirees would be more willing to buy bitcoin if they could gain exposure through a regulated ETF that would allow them to sell crypto to retail investors.