Investment Firm Wilshire Phoenix Files ‘Less Volatile' Bitcoin Related ETF With the SEC

    Multiple Bitcoin ETFs have been proposed in the last year, and there still has yet to be one to be approved by the Securities and Exchange Commission. While pending decisions still have given a chance of approval, a New York investment management firm named Wilshire Phoenix is pushing forward. According to reports today, the firm has officially filed an S1 with the SEC for a Bitcoin ETF of their own.

    The trust that they have suggested – United States Bitcoin and Treasury Investment Trust – is meant to hold short-term U.S. Treasury bills, U.S. dollars, and Bitcoin. The filing noted,

    “The purpose of the Trust is to provide investors with exposure to bitcoin in a manner that is more efficient, convenient, and less volatile than purchasing stand-alone Bitcoin.”

    The filing continued, saying,

    “While the Shares are not intended to, nor is their purpose to, replicate a direct investment in bitcoin, they seek to provide investors with exposure to bitcoin with substantially lower volatility than a direct investment in bitcoin and without the uncertain and often complex requirements relating to acquiring and/or holding bitcoin.”

    A representative for Wilshire Phoenix said that the combination of both dollars and the Treasurys makes it possible to eradicate the volatility that the SEC worries about. Bill Herrmann, a managing partner with Wilshire Phoenix, emailed news media website MarketWatch, saying,

    “This was made possible by my team, a group of dedicated experts each of whom comes to Wilshire Phoenix with a unique background. Trust to those diverse backgrounds, we were equipped to structure this offering, which is a preeminent example of what occurs when minds meet.”

    Hermann realizes that no other Bitcoin-centered ETF has been approved, but he has a message,

    “Our approaches may be different but trust we all share one common goal. We are rooting for each of you.”

    Presently, Bitcoin is trading at $3704.97, following an increase of $3.59% in the last 24 hours.

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    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

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