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 Belief.
In keeping with a Securities and Alternate Fee (SEC) submitting printed Friday, the New York-based Wilshire Phoenix intends to supply bitcoin to sure buyers by means of the brand new belief, with a most providing worth of $25, or 80,000 shares.
“The Shares will present buyers with publicity to bitcoin in a fashion that’s accessible and cost-efficient with out the unsure and sometimes advanced necessities regarding buying or holding bitcoin,” the submitting mentioned.
The belief could also be trying to compete with Grayscale Investments’ $3.6 billion bitcoin belief, which the corporate launched in 2013. Grayscale (which is a subsidiary of Digital Foreign money Group, CoinDesk’s mum or dad agency) filed to show its bitcoin belief into an SEC reporting firm final 12 months.
In keeping with 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 can have FDIC insurance coverage, the bitcoin held will solely be insured in opposition to theft in extra of $100 million, in keeping with the submitting.
The belief’s worth can be calculated every enterprise day at 4:00 p.m. Japanese by its administrator, in keeping with the doc. The worth can be derived by simply multiplying bitcoin’s worth (primarily based on CME’s bitcoin index) at the moment with the variety of cash held.
Wilshire is probably greatest recognized within the crypto house for making an attempt to launch a bitcoin ETF, hoping to succeed the place a number of different firms 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 may not be snug investing immediately in bitcoin.
A spokesperson for Wilshire Phoenix didn’t instantly return a request for remark.
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