NYSE Arca Wants to List a Bitcoin and T-Bill-Backed Fund
- The exchange’s application for a Bitcoin-backed ETF was recently delayed by the SEC.
The Chicago-headquartered stock exchange NYSE Arca has applied for a rule change with the Securities and Exchange Commission (SEC) to list shares in a proposed Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term investment fund.
According to the May 20 filing, the stock and options exchange is planning to establish a trust named the United States Bitcoin and Treasury Investment Trust, which will be managed by Wilshire Phoenix Funds. The sole purpose of the investment trust would be to invest in Bitcoin and short-term US Treasury securities.
“NYSE Arca, Inc., proposes (1) to amend NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares) to provide for issuance and redemption of such securities for the underlying commodity and/or cash, and (2) to list and trade the shares of the United States Bitcoin and Treasury Investment Trust under NYSE Arca Rule 8.201-E, as proposed to be amended,” the filing stated.
The Chicago-headquartered exchange also elaborated that it would appoint Coinbase’s custody arm to provide custodial service for the trust’s crypto investments. A tie with Coinbase will also provide up to $200 million insurance coverage, which the crypto exchange bought to protect the funds stored in its wallets from attacks.
“According to the Registration Statement, the Trust has obtained insurance for the bitcoin held by the Trust, through the Bitcoin Custodian,” the filing added. “Currently, the Bitcoin Custodian, either directly or through an affiliate, procures fidelity (also known as crime) insurance to protect the organization from risks such as theft of funds.”
“Specifically, the fidelity insurance coverage program provides coverage for the theft of funds held in hot or Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term and provides a limit excess of $200,000,000.”
Not Ready for Bitcoin ETF Yet
It is to be noted that the recent filing is a separate move from NYSE Arca’s existing push for a Bitcoin-backed exchange-traded fund (ETF) along with asset-manager Bitwise.
Meanwhile, the SEC is reluctant to approve a Bitcoin-backed ETF as last week it delayed the decision date for Bitwise’s application followed by a similar decision for Cboe’s application.
The Chicago-headquartered stock exchange NYSE Arca has applied for a rule change with the Securities and Exchange Commission (SEC) to list shares in a proposed Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term investment fund.
According to the May 20 filing, the stock and options exchange is planning to establish a trust named the United States Bitcoin and Treasury Investment Trust, which will be managed by Wilshire Phoenix Funds. The sole purpose of the investment trust would be to invest in Bitcoin and short-term US Treasury securities.
“NYSE Arca, Inc., proposes (1) to amend NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares) to provide for issuance and redemption of such securities for the underlying commodity and/or cash, and (2) to list and trade the shares of the United States Bitcoin and Treasury Investment Trust under NYSE Arca Rule 8.201-E, as proposed to be amended,” the filing stated.
The Chicago-headquartered exchange also elaborated that it would appoint Coinbase’s custody arm to provide custodial service for the trust’s crypto investments. A tie with Coinbase will also provide up to $200 million insurance coverage, which the crypto exchange bought to protect the funds stored in its wallets from attacks.
“According to the Registration Statement, the Trust has obtained insurance for the bitcoin held by the Trust, through the Bitcoin Custodian,” the filing added. “Currently, the Bitcoin Custodian, either directly or through an affiliate, procures fidelity (also known as crime) insurance to protect the organization from risks such as theft of funds.”
“Specifically, the fidelity insurance coverage program provides coverage for the theft of funds held in hot or Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term and provides a limit excess of $200,000,000.”
Not Ready for Bitcoin ETF Yet
It is to be noted that the recent filing is a separate move from NYSE Arca’s existing push for a Bitcoin-backed exchange-traded fund (ETF) along with asset-manager Bitwise.
Meanwhile, the SEC is reluctant to approve a Bitcoin-backed ETF as last week it delayed the decision date for Bitwise’s application followed by a similar decision for Cboe’s application.