Cryptocurrency
Asset Manager Wilshire Phoenix Files to Launch New Bitcoin Investment Trust
As reported by Coindesk, “Wilshire Phoenix, an asset manager which tried to launch a bitcoin exchange-traded fund (ETF) last year, has filed to launch a new Bitcoin Commodity Trust. “According to a Securities and Exchange Commission (SEC) filing published Friday, the New York-based Wilshire Phoenix intends to offer bitcoin to certain investors through the new trust. […]
As reported by Coindesk, “Wilshire Phoenix, an asset manager which tried to launch a bitcoin exchange-traded fund (ETF) last year, has filed to launch a new Bitcoin Commodity Trust.
“According to a Securities and Exchange Commission (SEC) filing published Friday, the New York-based Wilshire Phoenix intends to offer bitcoin to certain investors through the new trust. While the filing suggests a maximum of 80,000 shares could be offered, a spokesperson said the total number of shares is yet to be determined.
“’The Shares will provide investors with exposure to bitcoin in a manner that is accessible and cost-efficient without the uncertain and often complex requirements relating to acquiring or holding bitcoin,’ the filing said.
“The trust may be looking to compete with Grayscale Investments’ $3.6 billion bitcoin trust, which the company launched in 2013. Grayscale (which is a subsidiary of Digital Currency Group, CoinDesk’s parent firm) filed to turn its bitcoin trust into an SEC reporting company last year.
“According to the Wilshire Phoenix filing, Fidelity Digital Asset Services will serve as the trust’s bitcoin custodian, while UMB Bank will serve as the cash custodian…”