Wilshire Phoenix and NYSE Arca have amended the application for the launch of Bitcoin ETF.
The fund will be provided not only with the first cryptocurrency, but also with treasury bonds.
The custodian of digital assets will be Coinbase Custody. The company will confirm the availability of bitcoins in providing the fund within five working days from the moment of monthly rebalancing.
To determine the value of the bitcoins held, the fund will use the base rate of the Chicago Mercantile Exchange - CME CF Bitcoin Reference Rate (CMR CF BRR).
Wilshire Phoenix recommended that the US Securities and Exchange Commission (SEC) focus on the spot market for bitcoin, which plays a key role in determining its value.
The SEC has already begun to accept public comments on the updated proposal.
Wilshire Phoenix and NYSE Arca filed an initial application in May. At the end of September, the SEC postponed a decision on it.