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NYSE Arca Seeks Rule Change to List ETF Backed by Bitcoin and T-Bills
NYSE Arca has formally applied to the SEC for a rule change that would let it list shares in a proposed bitcoin trust.
NYSE Arca has formally applied to the Securities and Exchange Commission (SEC) for a rule change that would allow it to list shares in a proposed bitcoin investment trust.
The United States Bitcoin and Treasury Investment Trust, managed by Wilshire Phoenix Funds, would invest exclusively in bitcoin and short-term U.S. Treasury securities, according to a filing made by the exchange late Monday.
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Coinbase's custody arm would act as the custodian for the investment trust's bitcoin, the filing said. Working through Coinbase, the trust has obtained up to $200 million of insurance coverage against theft from its hot and cold wallets from "a syndicate of industry-leading insurers that are highly rated by AM Best."
This investment vehicle is a separate effort from the bitcoin exchange-traded fund (ETF) that NYSE Arca and Bitwise are seeking SEC approval to list.
Wilshire filed a prospectus for the vehicle in January, but Monday's filing formally kicks off the regulatory approval process. The SEC now has 45 days to approve, reject or delay the proposed rule change, and up to 90 days to make a final decision, according to the filing.
Monday also saw the SEC delay a decision on a proposed exchange-traded fund (ETF), kicking forward a final determination on that proposed product to as late as October.
Treasury bond image via Shutterstock.
Marc Hochstein
As Deputy Editor-in-Chief for Features, Opinion, Ethics and Standards, Marc oversaw CoinDesk's long-form content, set editorial policies and acted as the ombudsman for our industry-leading newsroom. He also spearheaded our nascent coverage of prediction markets and helped compile The Node, our daily email newsletter rounding up the biggest stories in crypto.
From November 2022 to June 2024 Marc was the Executive Editor of Consensus, CoinDesk's flagship annual event. He joined CoinDesk in 2017 as a managing editor and has steadily added responsibilities over the years.
Marc is a veteran journalist with more than 25 years' experience, including 17 years at the trade publication American Banker, the last three as editor-in-chief, where he was responsible for some of the earliest mainstream news coverage of cryptocurrency and blockchain technology.
DISCLOSURE: Marc holds BTC above CoinDesk's disclosure threshold of $1,000; marginal amounts of ETH, SOL, XMR, ZEC, MATIC and EGIRL; an Urbit planet (~fodrex-malmev); two ENS domain names (MarcHochstein.eth and MarcusHNYC.eth); and NFTs from the Oekaki (pictured), Lil Skribblers, SSRWives, and Gwar collections.
