A formal application has been submitted to the Securities and Exchange Commission (SEC) by NYSE Arca for a rule change. This rule change would allow NYSE Arca to list shares in a proposed bitcoin investment trust. ETF backed by bitcoin and T-bills requests support for rule changes.

According to a filing made by the exchange late Monday, investments would be made exclusively in bitcoin and short-term U.S. Treasury securities by The United States Bitcoin and Treasury Investment Trust, which is managed by Wilshire Phoenix Funds.

The filing said Coinbase’s custody arm would act as the custodian for the investment trust’s bitcoin. However, the trust has obtained up to $200 million of insurance coverages against theft from its hot and cold wallets. It is from “a syndicate of industry-leading insurers that are highly rated by AM Best,” by working through Coinbase.

NYSE Arca and Bitwise are seeking SEC approval to list an investment vehicle that is a separate effort from the bitcoin exchange-traded fund (ETF).

ETF backed by bitcoin and T-bills requests support for rule changes. Monday’s filing formally kicked off the regulatory approval process for the vehicle that Wilshire initially filed a prospectus for in January. According to the filing, the SEC, however, has 45 days now to approve, reject or delay the proposed rule change, and up to 90 days to make a final decision.

Also on Monday, the SEC delayed a decision on a proposed exchange-traded fund (ETF). The delay extends the date to October, for the final determination on that proposed product.

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