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Investment Firm Sets Its Sights On Creating A Publicly Traded Bitcoin-Backed Fund
Summary: Investment firm Wilshire Phoenix has filed with the Securities and Exchange Commission (SEC) for a publicly traded Bitcoin Commodity Trust, as reported by Cointelegraph. The goal is for the public to invest in Bitcoin on the mainstream marketplace by purchasing Bitcoin-backed shares of the Trust. The model is similar to that of Grayscale Bitcoin Trust, ...
Investment firm Wilshire Phoenix has filed with the Securities and Exchange Commission (SEC) for a publicly traded Bitcoin Commodity Trust, as reported by Cointelegraph.
The goal is for the public to invest in Bitcoin on the mainstream marketplace by purchasing Bitcoin-backed shares of the Trust. The model is similar to that of Grayscale Bitcoin Trust, however Wilshire Phoenix is offering an annual custody fee of 0.9% which will compete with Grayscale's 2% fee.
The trust's BTC will be held by Fidelity and the value of the BTC held will follow the Chicago Mercantile Exchange. The plan is for shares to be traded on OTC Markets Group, Inc.’s OTCQX Best Marketplace.
By Emily Mason
Tags: Bitcoin Trust,SEC
Link: Investment Firm Sets Its Sights On Creating A Publicly Traded Bitcoin-Backed Fund [Copy]
