Wilshire Phoenix Keen to Launch New Bitcoin Commodity Trust Pending SEC Approval

  • Wilshire Phoenix to start offering BTC via a new Bitcoin Trust according to their latest SEC filing. The Trust will be offered to a select clientele with a max average of $2 million or 80000 shares. They haven’t experienced a smooth sailing with SEC as their proposed BTC ETF’s were rejected by SEC on several occasions

The Securities and Exchange Commission (SEC) has now revealed that Wilshire Phoenix intends to launch a new BTC Commodity Trust. This was according to a filing they made to the SEC's pending approval.

The Wilshire Phoenix are in the process of applying for rights to offer Bitcoin to a select group of clients. The trust will accept a max proposed average of 80000 shares equivalent to $2 Million. The trust would enable clients who own Bitcoin a cost-efficient mode by mitigating some policies deemed too harsh in place for digital asset markets.

This will pit them against industry heavy weights, Grayscale Investments armed with a $3.6 billion warchest. Affiliates of the Digital Currency Group, have been in operation since 2013 but have since filed an application to convert the trust into an SEC reporting company.

The application further discloses that the primary custodian of the Bitcoin will be the Fidelity Digital Asset Services with cash deposits being held at the UMB Bank. The cash deposits will be FDIC insured with BTC holdings being insured against theft for up to $100million.

The Administrator of the trust will then be tasked with determining the exact value of the trust on daily basis at 4.00 pm Eastern time. This will be worked out by multiplying the amount of Bitcoin held in the reserve against the current BTC price

Their Latest ETF Bid Rejected by The SEC

Notably, Wilshire Phoenix had their latest Exchange Traded Fund (ETF) bid rejected by the SEC in February. In a 76-page dossier the SEC highlights that the main objection to the ETF bid was that they needed to protect the investors from risky markets and potential market manipulation.

However, Commissioner Hester dubbed crypto mom differed with the ruling. She was especially worried that the SEC was sending the wrong message to potential investors opting for friendlier jurisdictions, as it had rejected Wilshire Phoenix’s ETF bids on multiple occasions. They have rejected over 12 Bitcoin ETF applications over the past 2 years.

Live Bitcoin (BTC) Price:

1 BTC/USD =$10,615.4705 change ~ 2.00%

Coin Market Cap

$196.28 Billion

24 Hour Volume

$198.85 Billion

24 Hour VWAP

$10.65 K

24 Hour Change

$212.8310

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,482FansLike
2,795FollowersFollow
4,262FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Despite Regulatory Uncertainty, Huobi Exchange Launches A Mobile Trading App for Russian Users

Huobi, one of the leading crypto exchanges, launches a mobile trading app for its Russian customers. The new mobile trading app would allow Russian...

Parity Technologies Releases Substrate 2.0 to Build Custom, Scalable Blockchains Interoperable with Polkadot

Substrate has achieved a major milestone; the blockchain framework has released version 2.0, which is also compatible with Polkadot, which, along with Kusama, is...

Bureau Of Fiscal Service Revisits Blockchain Technology Development To Streamline Grants

The Bureau of Fiscal Service, BFS, is focusing its energies on innovative technologies such as blockchain technology in a bid to enhance the government’s...

Lightning Network's Ready for the Next Step in its Evolution; Bitcoin Capacity Across Channels Hits Peak

The cumulative capacity across all channels on the layer 2 solution of bitcoin Lightning Network has hit an all-time high at 1,106 BTC, worth...

Bitcoin's Realized Cap Adds $43 Billion Since the 2017 Peak to Hit A New ATH; A 60% Increase

While the price of bitcoin is struggling around $10,000, although still holding strong to the key psychological level, Bitcoin realized its cap has hit...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today