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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