NYSE Arca Looks to Amend Rules in Order to List Bitcoin Backed ETF

  • NYSE Arca is seeking to implement a rule change with the SEC that will allow it to indulge in BTC related investment activities.
  • The SEC recently delayed its decision on a proposed exchange-traded fund (ETF), submitted to it by investment management firm VanEck.

As per an all-new filing by NYSE Arca, the stocks and options exchange has formally submitted an application to the US SEC so as to implement a rule change that will allow it to “list shares in a proposed bitcoin investment trust”.

In regards to the matter, it is being reported that The United States Bitcoin and Treasury Investment Trust is looking to procure bitcoin and short-term U.S. Treasury securities — a deal for which Coinbase will serve as the primary custodian.

Other Key Findings Worth Pointing Out

  • The deal comes with an insurance coverage of up to $200 million against issues such as theft, hacks etc.
  • It should also be made clear that the aforementioned investment vehicle is completely independent from the bitcoin exchange-traded fund (ETF) that NYSE Arca and Bitwise are looking to get approval for.

Final Take

In closing out this piece, we should mention that Wilshire Phoenix Funds — the entity that looks after the activities of the United States Bitcoin and Treasury Investment — recently filed a prospectus for the above stated investment. The SEC now has upto one and a half months to either approve or reject the submitted rule change.

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Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[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.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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