Investment Co. Wilshire Phoenix Eyes Bitcoin Trust Launch

Law360 (June 15, 2020, 8:31 PM EDT) -- Investment manager Wilshire Phoenix has filed a registration statement with the U.S. Securities and Exchange Commission seeking to sell shares in a bitcoin commodity trust, a few months after its application to launch a bitcoin exchange-traded fund was rejected.

New York-based Wilshire Phoenix Funds LLC filed an S-1 registration filing with the SEC on Friday, outlining that the bitcoin backing the trust will be custodied by Fidelity Digital Assets Services LLP. The bitcoin value underlying the trust's shares will be based on the Chicago Mercantile Exchange Bitcoin Reference Rate.

According to the filing, Richards Layton & Finger PA will assess the...

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