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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.