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- Wilshire Phoenix is a U.S. based investment management.
- Wilshire Phoenix filed a less volatile bitcoin-based Exchange Traded Fund.
- SEC rejected the cause of Wilshire couldn’t prove that it is resistant to market manipulation.
Wilshire Pheonix: Bitcoin Based ETF
Wilshire Phoenix is a U.S. based investment management firm that tracks and analyzes developments in today’s increasingly complex global market.
On February 14, 2020- Wilshire Phoenix Funds LLC, the one of the sponsors of United States Bitcoin and Treasury Investment Trust (the “Trust”) announced that it has filed Amendment No. 6 to its Form S-1 with the SEC (Securities and Exchange Commission) related to the planned Initial public offering of its shares that will trade on NYSE Arca if approved.
There are many firms that want to do the Bitcoin-based exchange-traded fund and Wilshire Phoenix just filed a less volatile bitcoin-based Exchange Traded Fund.
The United States Bitcoin and Treasury Investment Trust’s whole purpose is to provide investors with exposure to bitcoin to make them comfortable and explain its transparency to make them understand how it is better than purchase standalone bitcoin.
The motive is making investors more knowledgeable and give prospects of what are the benefits of investing in Bitcoin and giving them an option, which is less volatile than direct investment and doesn’t need to go through complex requirements and uncertainty while acquiring and holding bitcoin.
SEC Verdict
Recently the filed Amendment 6 to get lawmakers permission got rejected.
The approached SEC (Securities and Exchange Commission) turned down the bitcoin-based Exchange Trading Fund (ETF) citing their concerns with volatility and manipulation in the trading of digital currencies-based markets.
The rejection was a result of Wilshire couldn’t prove that it is resistant to market manipulation. SEC concluded and justified his judgment saying that New York Stock Exchange Arca has not met its burden under the Commission’s Rules of Practice to demonstrate that the proposal is complying with the requirement of Exchange act Section 6(b)(5).
The rules are very necessary requirements for the Wilshire Phoenix as it is designed to prevent fraudulent and manipulative acts and practices and to safeguard investors and Public interest.
