Bitcoin ETFs and SEC: ‘Last Man Standing’ Wilshire Phoenix Amends Bitcoin Filing

October 16, 2019 | Digital Assets, News
https://dailyalts.com/wp-content/uploads/2019/10/bitcoin-1368256_1920-wilshire-sec.jpg

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 ]

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/01/Bink-app-shot.png
FinTech: Lloyds To Acquire Stake In Loyalty App Bink
January 4, 2022     FinTech, News

Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that…

https://dailyalts.com/wp-content/uploads/2022/01/Screenshot-2022-01-04-at-22-29-49-Screenshot-Pawson-2.png
Digital Assets: Coinbase CEO Armstrong Said To Have Splurged $133M On Home In LA
January 4, 2022     Digital Assets, News, Real Estate

An iconic property in Bel Air, Los Angeles, designed by internationally acclaimed English architect John Pawson changed hands last month for $133 million and the buyer was Coinbase (NASDAQ: COIN)…

https://dailyalts.com/wp-content/uploads/2022/01/47752022922_e4569a2f0e_c.jpg
Alternative Investments/ESG: VegTech Invest Launches Plant-Based Innovation & Climate ETF

VegTech Invest advisory has launched the VegTech Plant-based Innovation & Climate ETF (Ticker: EATV), its first financial product. The ETF offers exposure to publicly traded companies actively innovating with plants…

https://dailyalts.com/wp-content/uploads/2022/01/Screenshot-2022-01-04-at-18-48-26-超·世界.png
Venture Capital: Chinese AI Startup Parametrix Raises $100M, Turns Unicorn
January 4, 2022     Artificial Intelligence, News, Venture Capital

Chinese AI company Parametrix.ai has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation…