The SEC has opened the public comment period for a trading fund proposed by Wilshire Phoenix Funds. This ETF would be supported by Bitcoin and treasury bonds.
The proposal was published Tuesday and would allow listing of this Bitcoin ETF on the NYSE Arca. For 21 days, the public has the opportunity to comment or comment on the new ETF.
The document must be published in the federal register before the deadline for the decision begins to officially drain.
The proposal of Wilshire Phoenix and NYSE Arca was filed last month. The company wants to make available to US investors a Bitcoin-based fund and treasury bonds. The fund manager will oversee this trust by investing exclusively in debt securities and short-term government securities in the U.S.
Balancing Bitcoin Volatility with Bonds
The Wilshire Phoenix Funds ETF proposal covers the risk associated with Bitcoin with Treasury bonds to control volatility, redistributing the treasury portion each month based on the volatility of the previous month. Founder Wilshire Phoenix, Bill Herrmann, said he was confident about the possibility of approval. The ESA has previously voiced concern about volatility with a cryptomon-based ETF, and the fund mitigates this issue through the Bitcoin Group with bonds.
Criptomons owned by the trust will be kept in custody by Coinbase. The company also secured a $ 200 million theft insurance.
While the SEC has a total of 45 days from publication to decide, it may extend this period to 90 days
July deadline for Bitcoin ETF
ETF Wilshire Phoenix joins other proposals to change ETF rules, such as Bitwise Asset Management and VanEck / SolidX. Both proposals have multiple term extensions from the SEC. Deadlines for these proposals, either in the form of a decision or a delay, are expected in mid-July.