So let's wait if this is going to be approved and see if it can bring positive effect to the market. And will probably compete with 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.
Quote
The Sponsor intends to apply to have the Shares quoted on OTC Markets Group, Inc.'s OTCQX Best Marketplace (the "OTCQX") under the ticker symbol [ ]. After issuance of the Shares, the Shares can be bought and sold throughout the trading day like any other publicly traded security.
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.
