NYSE Arca is seeking to list and operate a Bitcoin exchange-traded products trust, CoinTelegraph reported.
NYSE Arca has proposed before the US Securities and Exchange Commission to list shares of the Bitwise Bitcoin ETP Trust, with shares represented by fixed units of undivided beneficial ownership.
The offering will allow the shares listed on the exchange to reciprocate their value in line with the market price of Bitcoin and will be operated by two third-party associates as custodian, administrator, and transfer agent.
Should it be approved by the regulator, the Bitwise Bitcoin ETP Trust will process all ordinary fees in Bitcoin, in an effort to ensure that the trust holds the target amount of Bitcoin-per-share.
The regulator is expected to make a decision on the rule change proposal in the next 45 days. BTC is down 1.16%.