Push for the first Bitcoin ETF continues as Wilshire Phoenix updates filing with the SEC

• The new version of the proposal by Wilshire Phoenix was filed on October 4.
• The SEC is currently open to receiving comments from the public regarding the updated proposal.

Wilshire Phoenix Fund and exchange NYSE Arca have updated their Bitcoin exchange-traded fund (ETF) proposal filed with the United States Securities and Exchange Commission (SEC). The amended proposal is currently in review with the SEC welcoming public comments.

The amended proposal picks Coinbase Custody as the custodian of the assets. A slight change from the earlier version states that Coinbase will have the mandate to confirm the availability of assets to be used  to secure the trust in a period of not more than five business days starting from the time of the trust’s monthly rebalancing. The proposal also states that the trust will use CME CF BRR “to determine the NAV of the Bitcoin held” which “exclusively utilizes its Constituent Platforms.”

The updated proposal was filed on October 4 and has entirely replaced the older version. New comments from the public are now welcome regarding the new proposal. Another Bitcoin ETF proposal from Bitwise Asset Management was rejected by the SEC citing the failure to meet the standards required for approval.

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