Wilshire Phoenix, an asset supervisor which tried to launch a bitcoin exchange-traded fund (ETF) final 12 months, has filed to launch a brand new Bitcoin Commodity Trust.
In accordance to a Securities and Change Fee (SEC) submitting revealed Friday, the New York-based Wilshire Phoenix intends to provide bitcoin to sure buyers via the brand new belief, with a most providing value of $25, or 80,000 shares.
“The Shares will present buyers with publicity to bitcoin in a way that’s accessible and cost-efficient with out the unsure and sometimes complicated necessities relating to buying or holding bitcoin,” the submitting mentioned.
The belief could also be trying to compete with Grayscale Investments’ $three.6 billion bitcoin belief, which the corporate launched in 2013. Grayscale (which is a subsidiary of Digital Forex Group, CoinDesk’s mother or father agency) filed to flip its bitcoin belief into an SEC reporting firm final 12 months.
In accordance to the Wilshire Phoenix submitting, Constancy Digital Asset Companies will function the belief’s bitcoin custodian, whereas UMB Financial institution will function the money custodian.
Whereas the money holdings may have FDIC insurance coverage, the bitcoin held will solely be insured in opposition to theft in extra of $100 million, in accordance to the submitting.
The belief’s worth can be calculated every enterprise day at four:00 p.m. Jap by its administrator, in accordance to the doc. The worth can be derived by simply multiplying bitcoin’s value (based mostly on CME’s bitcoin index) at the moment with the variety of cash held.
Wilshire is probably finest identified within the crypto house for making an attempt to launch a bitcoin ETF, hoping to succeed the place a number of different corporations haven’t. The SEC rejected the proposal earlier this 12 months. The thought behind a crypto ETF is it might make bitcoin extra accessible to a broader vary of buyers who won’t be comfy investing instantly in bitcoin.
A spokesperson for Wilshire Phoenix didn’t instantly return a request for remark.
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