BitWise Asset Management and NYSE Arca sent a SEC joint application for the launch of the fund traded on the stock exchange tied to the Bitcoin rate.
The earlier managers reported on their plans and, as claimed, have already filled out the appropriate form. However, due to the closure of the US government, the Securities and Exchange Commission still did not register it properly, so the application was still not published on the regulator’s website.
The proposed BitWise and NYSE Arca Bitcoin-etf differs from all previous options, as the cryptoid will be stored in a third-party adjustable custodian. It is also reported that to determine the value of assets will be taken into account data on the course with a variety of stock exchanges, including spot and futures markets. At the same time, for each source, its own ratio of significance will be calculated, depending on the volume of trading over the base hour, that is, the larger the trading platform, the greater the impact on the formation of the price of the tool it provides.
According to the developers, such a model will protect investors from fraud and manipulations in separate markets.
Although the Bitcoin-ETF application is already represented by SEC, but since it has not yet been registered, then the countdown of the regulatory term and announcement of the result has not yet begun. The timer will be launched only after publishing a document in the federal registry, but most likely it will happen only after the restoration of the government.
Recall that earlier the CBoe application for the launch of Bitcoin-etf was considered the last regulator under consideration, and after