"Investment management firms VanEck Securities Corp. and SolidX Management are planning to sell a "limited version" of bitcoin exchange-traded fund (ETF) to institutional investors on Thursday.

The Wall Street Journal reported the news on Tuesday, saying that the “unusual” arrangement is under the U.S. Securities and Exchange Commission’s (SEC) Rule 144A, which allows the sale of privately placed securities to “qualified institutional buyers.”

The SEC has delayed a decision on VanEck-SolidX bitcoin ETF several times The regulator has yet to greenlight any bitcoin ETFs in the U.S., citing concerns over fraud and manipulation.”