Wilshire Phoenix reissues application for BTC-ETF

Wilshire Phoenix has again filed an application for the launch of ETF, tied to flagship cryptocurrency and treasury bonds.

The new SEC application reflects new conditions for launching a financial instrument. Now, it is assumed that the BTC funds of institutional clients will be stored in Coinbase Custody. In addition, for new obligations, the crypto-exchange will confirm on a weekly basis the BTC funds available in the reserve, which are used as collateral.

Representatives Wilshire Phoenix noticed the American regulator that with the approval of ETF start-up in gold, the Commission took into account indicators specific to the spot and futures markets, despite the fact that the precious metal is trading in different market segments. When considering Bitcoin-ETFs, only specific segments are considered.

The new application completely cancels the previous one – according to it, the collection of comments from the SEC started in early summer. Recall that recently the regulator of America rejected an application for ETFs from Bitwise and NYSE Arca. However, they do not intend to give up – the companies are grateful to SEC for carrying out a thorough analysis of their proposal and are ready to take into account all the comments and resubmit the application.