Bitcoin
Bitcoin (BTC)
$56,408.00 9.5194
Bitcoin price
Ethereum
Ethereum (ETH)
$3,236.45 4.3056
Ethereum price
BNB
BNB (BNB)
$399.80 3.42453
BNB price
Solana
Solana (SOL)
$110.98 6.62374
Solana price
XRP
XRP (XRP)
$0.5547490 2.8403
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000102 5.80293
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000021 50.61188
Pepe price
El Hippo
El Hippo (HIPP)
$0.0000000055380 -3.54324
El Hippo price
Bonk
Bonk (BONK)
$0.0000139 15.45005
Bonk price
Bitcoin
Bitcoin (BTC)
$56,408.00 9.5194
Bitcoin price
Ethereum
Ethereum (ETH)
$3,236.45 4.3056
Ethereum price
BNB
BNB (BNB)
$399.80 3.42453
BNB price
Solana
Solana (SOL)
$110.98 6.62374
Solana price
XRP
XRP (XRP)
$0.5547490 2.8403
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000102 5.80293
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000021 50.61188
Pepe price
El Hippo
El Hippo (HIPP)
$0.0000000055380 -3.54324
El Hippo price
Bonk
Bonk (BONK)
$0.0000139 15.45005
Bonk price
Bitcoin
Bitcoin (BTC)
$56,408.00 9.5194
Bitcoin price
Ethereum
Ethereum (ETH)
$3,236.45 4.3056
Ethereum price
BNB
BNB (BNB)
$399.80 3.42453
BNB price
Solana
Solana (SOL)
$110.98 6.62374
Solana price
XRP
XRP (XRP)
$0.5547490 2.8403
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000102 5.80293
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000021 50.61188
Pepe price
El Hippo
El Hippo (HIPP)
$0.0000000055380 -3.54324
El Hippo price
Bonk
Bonk (BONK)
$0.0000139 15.45005
Bonk price
Bitcoin
Bitcoin (BTC)
$56,408.00 9.5194
Bitcoin price
Ethereum
Ethereum (ETH)
$3,236.45 4.3056
Ethereum price
BNB
BNB (BNB)
$399.80 3.42453
BNB price
Solana
Solana (SOL)
$110.98 6.62374
Solana price
XRP
XRP (XRP)
$0.5547490 2.8403
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000102 5.80293
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000021 50.61188
Pepe price
El Hippo
El Hippo (HIPP)
$0.0000000055380 -3.54324
El Hippo price
Bonk
Bonk (BONK)
$0.0000139 15.45005
Bonk price

Wilshire Phoenix Amends Bitcoin ETF Proposal

This article is more than 4 years old
News
Wilshire Phoenix Amends Bitcoin ETF Proposal

Investment management firm, Wilshire Phoenix, has refiled their Bitcoin ETF proposal with the SEC to include a few new clauses and arguments in favor of the product. The new filing completely supersedes the previous one, which could warrant the SEC delaying their decision to closely study the amendment, October 16, 2019.

Bitcoin Treasury ETF Updates

Wilshire Phoenix’s unique product combining the capital appreciative properties of Bitcoin with the risk-free return of treasury bills has taken a new spin in its search for approval.

According to a new SEC filing, Coinbase Custody still remains as the custodian for the fund, but Wilshire has introduced a clause that states Coinbase will also be given five business days to confirm whether the assets securing the fund’s value are available for redemption or otherwise.

In addition to this, the fund believes that the SEC should be looking at the approval process for gold ETFs with regards to Bitcoin. The gold ETF was approved after the SEC confirmed that the spot and futures market both drive the price of gold.

Wilshire Phoenix believes this model should be applied to their Bitcoin ETF proposal, as the spot market and CME futures are both important price drivers. The fund uses the CME CF Bitcoin Reference Rate to help them arrive at the Net Asset Value (NAV) of the fund.

The market is hopeful that this ETF proposal is granted approval after news of VanEck withdrawing its retail ETF proposal was announced.

Bitcoin ETF Still a Pipedream

It is entirely possible that we will see a Bitcoin ETF launched – just probably not anytime soon. The chances of a Jay Clayton led SEC approving a Bitcoin ETF are incredibly slim, and his current regime as the SEC chief is, more or less, set in stone till May 2022.

This idea will help with the mainstream push for Bitcoin, but it isn’t all that practical. A Bitcoin ETF is essentially a scheme whereby an easily acquirable asset is pushed through unnecessary, bureaucratic processes before being unveiled to the public for an excessive fee.

Bitcoin is meant for mass consumption by pushing regulatory requirements out of the picture. And while no regulation at all is neither possible nor logical, a Bitcoin ETF defeats the purpose of holding Bitcoin (aside from capital appreciation).

Follow Us on Google News