NYSE Arca, a subsidiary of the New York Stock Substitution (NYSE) Grouping, 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 past stock-still "units of undivided beneficial buying," allowing the shares on the stock exchange to reciprocate their value in accordance with Bitcoin's market place price.

Moreover, the trust will be operated by two third-party assembly serving as the trust's custodian, administrator and transfer amanuensis. Co-ordinate to the filing:

"Nether normal circumstances, the Trust'due south only asset will be bitcoin, and, under limited circumstances, cash. The Trust will not employ derivatives that may subject the Trust to counterparty and credit risks."

Upon the SEC's approval for the rule alter, NYSE Arca'south Bitwise Bitcoin ETP Trust will process all "ordinary fees in bitcoin (rather than cash), every bit a mode of seeking to ensure that the Trust holds the desired amount of bitcoin-per-share."

On Oct. fourteen, Bitwise had filed for a BTC ETF with NYSE Arca, which according to Bitwise master investment officer Matt Hougan, holds "actual BTC." The filing outlines Bitwise'southward intent to register 1,000 shares of its Bitwise Bitcoin ETP Trust with an offering price of upward to $25. The company had showtime applied for a Bitcoin substitution-traded fund (ETF) registration with the SEC in January 2022, which was later withdrawn amid concerns raised by the commission:

"Nosotros are currently working hard on answering the questions that the SEC raised in its 112-page response to our initial filing. We remain fully committed to the evolution of a bitcoin ETP."

The SEC is expected to announce its approval or disapproval for the rule change proposal in the next 45 days afterward soliciting and reviewing the comments based on the filing.

Related: SEC chair doubles down, tells crypto firms 'come in and talk to u.s.a. '

In September, SEC Chair Gary Gensler urged crypto businesses to register with the regulatory trunk, resulting in numerous proposal filings.

Despite years of resistance, the commission recently approved a Bitcoin Strategy ETF filed past Valkyrie on Oct. 26.

Gensler said that crypto can exist 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."