Wilshire Phoenix submits for publicly traded Bitcoin Commodity Trust

So, another major investment company, Wilshire Phoenix, has put in a request for a "FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933". Let’s see if this gets the green light and how it might influence the market. It could end up being a competitor to Grayscale's Bitcoin Trust (GBTC).

It does look to be modeled after Grayscale's cryptocurrency trusts. Similarly, shares will only trade on the OTC market, so this is not like an ETF. The only real difference I see is that Wilshire Phoenix will be undercutting Grayscale's fees by more than 50%. Interestingly, Fidelity Digital Asset Services will act as custodian for their bitcoins. That's the first I've heard from them since New York granted them a trust charter. ETF or no ETF, Wall Street has certainly arrived.