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Wilshire Phoenix’s ETF Filing with SEC

Investment management firm Wilshire Phoenix Fund recently updated its Bitcoin exchange-traded fund (ETF) proposal. And then, the United States and Exchange Commission (SEC) has once again accepted comments from the public about it.

On October 15, an official document stated Wilshire Phoenix and exchange NYSE Arca filed an amendment to their Bitcoin ETF application to reflect circumstances.

In the proposal, Wilshire got the SEC’s attention to the fact that when ETFs got the approval for gold, the regulator focused on spot and futures markets. And this made a significant impact on the particular ETP, although they traded gold in different market segments.

In addition to that, it indicated how important it is to focus on the spot market, explaining that it is the market that the particular ETP would look to determine its NAV.

Furthermore, bitcoin should take a similar approach when it comes to Bitcoin ETFs. Wilshire noted that the trust is utilizing the CME CF BRR. And it is to determine the NAV of the Bitcoin held, which exclusively uses its Constituent Platforms.

Bitcoin ETFs

Meanwhile, Wilshire filed its updated application on October 4. And it entirely replaces and supersedes the previous proposal. Then, the SEC began collecting back comments in June. During that time, six individuals submitted opinions on the proposal, based on the SEC’s website.

Previously, the SEC began proceedings to know if they will agree or disagree with the proposed rule change. And this might allow NYSE Arca to list and trade shares of Wilshire Phoenix’s Bitcoin and Treasury Investment Trust.

Similarly, in September, the sponsors rejected another Bitcoin ETF proposal from VanEck and SolidX. Then, on October 9, the SEC declared that the Bitcoin filing from Bitwise Asset Management and NYSE Arca has failed to meet the necessary requirements. Later on, firms said that they plan to refile their proposals in the future.



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