Wilshire Phoenix, an investment firm that provides multiple services including advisor and asset management, has filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) for a publicly traded Bitcoin (BTC) Fund.
The fund will provide investors with exposure to Bitcoin in a manner that is accessible and cost-efficient. Wilshire’s Bitcoin Commodity Trust aims to allow retail investors to purchase BTC through shares of stock via mainstream exchanges. The company notes that each share is backed by BTC. Shares are priced according to the digital asset’s market rate.
The value or amount of the digital currency held by Wilshire’s Bitcoin Commodity Trust will depend on the BTC price index that’s quoted by the Chicago Mercantile Exchange (CME). Referred to as the CME CF Bitcoin Reference Rate (BRR), the index keeps track of BTC’s price across several different trading platforms. It’s reportedly the same rate that the CME uses to settle its Bitcoin futures contracts (in cash). CME also uses the rate for pricing its BTC futures.