NYSE Arca has formally applied to the Securities and Exchange Commission for a rule change that would allow it to list shares in a proposed bitcoin investment trust.
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.
Coinbase's custody arm would act as the custodian for the investment trust's bitcoin, the filing said.
Working through Coinbase, the trust has obtained up to $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 a separate effort from the bitcoin exchange-traded fund that NYSE Arca and Bitwise are seeking SEC approval to list.
Wilshire filed a prospectus for the vehicle in January, but Monday's filing formally kicks off the regulatory approval process.
The SEC now has 45 days to approve, reject or delay the proposed rule change, and up to 90 days to make a final decision, according to the filing.
Monday also saw the SEC delay a decision on a proposed exchange-traded fund, kicking forward a final determination on that proposed product to as late as October.
NYSE Arca Seeks Rule Change to List ETF Backed by Bitcoin and T-Bills
Published on May 20, 2019
by Coindesk | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.