{"id":361844,"date":"2021-11-03T13:02:28","date_gmt":"2021-11-03T10:02:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nyse-arca-files-with-sec-to-list-bitwise-bitcoin-etp-trust\/"},"modified":"2021-11-03T13:02:28","modified_gmt":"2021-11-03T10:02:28","slug":"nyse-arca-files-with-sec-to-list-bitwise-bitcoin-etp-trust","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nyse-arca-files-with-sec-to-list-bitwise-bitcoin-etp-trust\/","title":{"rendered":"# NYSE Arca files with SEC to list Bitwise Bitcoin ETP Trust"},"content":{"rendered":"

“# NYSE Arca files with SEC to list Bitwise Bitcoin ETP Trust <\/strong>”
\n<\/p>\n

NYSE Arca, a subsidiary of the New York Stock Exchange (NYSE) Group, wants to list and operate a trust based on Bitcoin (BTC) exchange-traded products (ETP).<\/p>\n

In a rule-change proposal with the United States Securities and Exchange Commission, NYSE Arca proposed<\/a> to list shares of the Bitwise Bitcoin ETP Trust.<\/p>\n

The proposal clarifies that each share of the trust will be represented by fixed \u201cunits of undivided beneficial ownership,\u201d allowing the shares on the stock exchange to reciprocate their value in accordance with Bitcoin\u2019s market price.\u00a0<\/p>\n

Moreover, the trust will be operated by two third-party associates serving as the trust\u2019s custodian, administrator and transfer agent. According to the filing:<\/p>\n

\u201cUnder normal circumstances, the Trust\u2019s only asset will be bitcoin, and, under limited circumstances, cash. The Trust will not use derivatives that may subject the Trust to counterparty and credit risks.\u201d<\/p><\/blockquote>\n

Upon the SEC\u2019s app<\/a>roval for the rule change, NYSE Arca\u2019s Bitwise Bitcoin ETP Trust will process all \u201cordinary fees in bitcoin (rather than cash), as a way of seeking to ensure that the Trust holds the desired amount of bitcoin-per-share.\u201d <\/p>\n

On Oct. 14, Bitwise had filed for a BTC ETF with NYSE Arca, which according<\/a> to Bitwise chief investment officer Matt Hougan, holds \u201cactual BTC.\u201d The filing outlines Bitwise\u2019s intent to register 1,000 shares of its Bitwise\u00a0Bitcoin ETP Trust with an offering price of up to $25. The company had first applied for a Bitcoin exchange-traded fund (ETF) registration with the SEC in January 2019, which was later withdrawn amid concerns raised by the commission:<\/p>\n

\u201cWe are currently working hard on answering the questions that the SEC raised in its 112-page response to our initial filing. We remain fully committed to the development of a bitcoin ETP.\u201d<\/p><\/blockquote>\n

The SEC is expected to announce its approval or disapproval for the rule change proposal in the next 45 days after soliciting and reviewing the comments based on the filing.<\/p>\n

Related:<\/em> <\/strong>SEC chair doubles down, tells crypto firms ‘come in and talk to us<\/em><\/strong>\u2019<\/strong> <\/p>\n

In September, SEC Chair Gary Gensler urged crypto businesses to register with the regulatory body, resulting in numerous proposal filings. <\/p>\n

Despite years of resistance, the commission recently approved a Bitcoin Strategy ETF filed by Valkyrie on Oct. 26. <\/p>\n

\n

Congratulations to @ValkyrieFunds<\/a> on the launch of its Bitcoin Strategy #ETF<\/a> $BTF<\/a>! <\/p>\n

Learn more about the U.S.-listed Bitcoin futures ETF and how it invests in a new future: https:\/\/t.co\/mDrWbHn0xI<\/a> pic.twitter.com\/rE5QibNWiB<\/a><\/p>\n

\u2014 Nasdaq (@Nasdaq) October 22, 2021<\/a><\/p><\/blockquote>\n