Wilshire Phoenix, an investment firm familiar with Bitcoin ETF applications, submitted a prospectus to the U.S. Securities and Exchange Commission (SEC) for a publicly compatible Bitcoin fund.
The prospectus is an official document requested by the SEC, providing detailed information about any investment offered to the public.
The document notes that the fund will provide investors with the ability to invest in an accessible and cost-effective way, without ambiguous and complex requirements for buying or storing Bitcoin.
The fund called Bitcoin Commodity Trust is planned to be publicly traded in OTC Markets Group. It is also stated that the shares can be bought and sold like any public securities during the trading day.
Wilshire’s Bitcoin Commodity Trust will be similar to Grayscale’s $ 3.6 billion Bitcoin Trust (GBTC). The investment giant Fidelity’s Digital Asset Services unit will provide Bitcoin to Wilshire, while UMB Bank will provide cash storage services. Cash will be under FDIC insurance, while Bitcoins will only be insured against theft in excess of $ 100 million.
Wilshire’s BCT seems to be pushing Grayscale. GBTC is commemorated by high units that cause its customers to pay much more than a market price to Bitcoin. Also, 2 percent annual storage fee of GBTC is discussed. it is stated that this fee will be 0.9 percent in Wilshire Phoenix’s product.