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Digital Currency Revolution Series: NYSE Arca’s bitcoin investment trust urges for rule change
The US-based exchange, NYSE Arca has applied for a rule change with the Securities and Exchange Commission (SEC) to list shares in a proposed Bitcoin investment fund.
The United States Bitcoin and Treasury Investment Trust, managed by Wilshire Phoenix Funds, would invest exclusively in bitcoin and short-term U.S. Treasury securities, according to a filing made by the exchange late Monday.
Wilshire filed a prospectus for the project back in January, however, the recent filing prompts for the regulatory approval process. The ball is in SEC’s court for now. One needs to wait for 45 days whether to reject or defer the proposed rule change, and about 90 days to give a final verdict.
As per the filing, the stock and options exchange is intending to form a trust by the name of ‘the United States Bitcoin and Treasury Investment Trust’ that would be managed by Wilshire Phoenix Funds. The prime objective of the investment trust is to invest in Bitcoin and short-term US Treasury securities.
“NYSE Arca, Inc., proposes (1) to amend NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares) to provide for issuance and redemption of such securities for the underlying commodity and/or cash, and (2) to list and trade the shares of the United States Bitcoin and Treasury Investment Trust under NYSE Arca Rule 8.201-E, as proposed to be amended,”the filing stated.
Coinbase’s custody arm would render as the custodian for the investment trust’s bitcoin, the filing confirmed. Thereby, the trust has fetched about $200 million of insurance coverage against theft from its hot and cold wallets from “a syndicate of industry-leading insurers that are highly rated by AM Best.” This investment vehicle is an exclusive attempt from the bitcoin ETF that NYSE Arca and Bitwise are desperately looking ahead for the SEC approval.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at -151 levels (which is highly bearish), while hourly USD spot index was at 32 (mildly bullish) while articulating at (10:02 GMT).
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