Tanya Abrosimova
Independent Analyst
- Another Bitcoin-ETF application submitted with the SEC.
- The regulator is in no hurry to decide on the subject matter.
The US-based stock exchange NYSE Arca filed an application with the US Securities and Exchange Commission ) with a request for a listing rule change that would allow it to list shares in a bitcoin investment trust.
The Trust managed by Wilshire Phoenix Funds is focused on investments in Bitcoins as well as the short-term US Treasuries. The subdivision of the largest American cryptocurrency exchange Coinbase will serve as a custodian for Bitcoins under Trust's management. According to the information provided in the application, the assets of the Trust are insured with the fidelity insurance also know as crime insurance.
"Specifically, the fidelity insurance coverage program provides coverage for the theft of funds held in hot or cold storage and provides a limit excess of $200,000,000. The Bitcoin Custodian's insurance coverage program is provided by a syndicate of industry-leading insurers that are highly rated by AM Best." (AM Best is a global credit rating agency with a unique focus on the insurance).
Wilshire prepared the issue prospectus in January; however, the regulatory approval process started only on Monday.
It is worth noting that this filing is not related to NYSE Arca's bitcoin-ETF initiative promoted by the exchange in partnership with Bitwise. The SEC has recently postponed the decision on this application.
Also, today the Commission delayed the verdict on VanEck and SolidX Bitcoin ETF with the new deadline on October 18.
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