The Wilshire Phoenix Bitcoin ETF has amended its Bitcoin ETF Filing with the SEC.

The SEC has invited public comments on the bitcoin exchange-traded fund proposal filed by Wilshire Phoenix Bitcoin ETF. This action follows a revised filing by the fund and NYSE Arca on October 4.

After the SEC’s rejection on October 9 of the bitcoin ETF application by Bitwise Asset Management and NYSE Arca, the only active Bitcoin ETF proposal pending before the regulator was that of Wilshire Phoenix and NYSE Arca.

Wilshire Phoenix Bitcoin ETF – amendment points

It amended the details on custody of the ETF’s bitcoin assets. Coinbase Custody will confirm the availability of assets within five business days from the time of the fund’s monthly rebalancing.

Wilshire Phoenix asserted that it will use the CME CF BRR as the basis calculating NAV. It claimed in its filing that “an independent examination of the methodology (Paine & Knottenbelt) of the CME CF BRR, supports the Sponsor’s assertion that the CME CF BRR is not susceptible to manipulation.” This addresses a key concern of the SEC regarding manipulation of prices of the digital currency.

The regulator relied on the spot and futures market for fixation of NAV in the case of gold ETF’s.

Wilshire Phoenix asserted that bitcoin ETF’s should be treated similarly.

“For instance, orders approving listing applications of ETPs that invest in gold bullion focused on the spot and futures market, even though gold is traded on a number of different market segments. Focusing on the spot market is appropriate because the spot market is the market to which the particular ETP would look to determine its [net asset value],” the filing added.

SEC approval: Bitcoin ETF’s find the going rough

In late September, the Chicago Board Options Exchange’s BZX Equity Exchange withdrew its VanEck/SolidX Bitcoin exchange-traded fund (ETF) proposal.

The much-anticipated verdict on the bitcoin ETF application by Bitwise Asset Management and NYSE Arca was also negative.

In the circumstances, it is still unclear whether a bitcoin ETF will finally see the light of day. By present trends, it is unlikely that the SEC will greenlight the Wilshire Phoenix application.

[Related Story: SEC Rejects Bitcoin ETF Proposal from Bitwise ]