Blockchain

NYSE Arca files with SEC to list Bitwise Bitcoin ETP Trust

Exchange-traded products with exposure to cryptocurrencies are increasingly gaining ground.

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).

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

The proposal clarifies that each share of the trust will be represented by fixed “units of undivided beneficial ownership,” allowing the shares on the stock exchange to reciprocate their value in accordance with Bitcoin’s market price. 

Moreover, the trust will be operated by two third-party associates serving as the trust’s custodian, administrator and transfer agent. According to the filing:

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Gensler said that crypto can be a “catalyst for change” within a set framework, which can be achieved through regulatory clarity:

“To the extent that there are securities on these trading platforms, under our laws they have to register with the Commission unless they qualify for an exemption.”

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