One More Bitcoin ETF Ready For SEC Decision
One more Bitcoin ETF is ready for SEC decision either approve or rejected. The Wilshire Phoenix’s United States Bitcoin and Treasury Investment Trust Bitcoin ETF proposal will meet the deadline on Wednesday and the U.S. Securities and Exchange Commission (SEC) will make a decision on it.
Wilshire Phoenix is not the only company on the list that is trying to get and Bitcoin ETF approval from the SEC but no one succeeds yet. Wilshire Phoenix ETF application is the only one live application waiting for a decision.
A Bitcoin ETF is a tool that keeps track of the underlying assets class. Retail and Institutional investors can invest in a Bitcoin ETF without actually understanding the technical difficulties of the asset class. This will boost market investments and reach and eventually results in a good rally.
The firm has filed for an ETF application in Mid 2019 and the SEC repeatedly postponing the decision and the last date for any decision is 26 Feb 2020.
Whole rejected the previous ETF the SEC has pointed out that the Bitcoin market is highly volatile and manipulated by some group of people, the overall size of the market and regulations need to be settled first.
Wilshire claims that they have managed to minimize the risk of investing in Bitcoin. They are using a basket of Bitcoin ETF and U.S treasury bonds if the Bitcoin volatility going up the basket will automatically choose the U.S treasury bonds and vice versa.
Wilshire managing partner William Herrmann said:
“We want to provide easy access to strategies that are often only limited to institutions or accredited investors, Restraining who is able to invest in any product or strategy on the basis of socioeconomic status or for any reason is simply wrong. This leaves many exposed to sudden market volatility followed by likely losses due to lack of diversification.”
Herrmann said they are creating multiple investment strategies for every consumer. Wilshire is also filed to issue gold and treasury backed ETF. Herrmann said “We’re confident we will have the bitcoin ETF soon, and the gold ETF won’t be far behind. We are aiming to launch a lot more products as well.”
The SEC is paying attention to the Bitcoin ETF application. According to the public documents, Commissioners Hester Peirce and Allison Herren Lee both met with representatives from Wilshire Phoenix, NYSE Arca and their law firms.
