NEW YORK–(BUSINESS WIRE)–Wilshire
Phoenix, a New York-based investment firm that provides structuring,
advisory and asset management services, has partnered with Coinbase
Custody, the most secure crypto storage solution created by the world’s
leading platform for cryptocurrencies.
Wilshire Phoenix expects to launch a fund in 2018 that is organized as a
statutory trust and which will be capped at $500MM. The fund will
provide exposure to Bitcoin, but, unlike other products that simply hold
Bitcoin (or oven multiple cryptocurrencies, often referred to as an
index), employs a novel approach to mitigate some of the risks typically
involved from the sudden and substantial price movements of Bitcoin. An
investment in the fund may make it easier for investors and financial
institutions to gain exposure to Bitcoin.
In addition, investors together with financial institutions may find it
difficult to purchase and hold Bitcoin due to pricing models around
Generally Accepted Accounting Principles (U.S GAAP). We trust that our
system, which is patent-pending, may also solve this important issue.
The fund will not use derivatives or any form of leverage to achieve its
objective. This will limit counterparty exposure and the often
unnecessary additional fees that are normally associated with these
types of financial products or methods.
While the fund is not intended to replicate a direct investment in
Bitcoin. It will seek to provide investors and financial institutions
with the ability to gain exposure to Bitcoin while mitigating some of
the risks involved from sudden price movements of Bitcoin.
“Coinbase Custody provides Wilshire Phoenix a best in class platform on
which to securely store digital assets. They are steadfast in their
commitment to implementing and executing solutions for institutional
clients as opposed to merely talking about their future plans to do so.
We are excited to have Coinbase in our corner and we look forward to our
continued partnership in the months and years to come,” said Bill
Herrmann, Founder & CEO of Wilshire Phoenix.
“We’re proud to partner with Wilshire Phoenix to provide
institutional-grade, compliant digital-asset custody for its new fund,”
offered Sam McIngvale, General Manager of Coinbase Custody Trust. “As a
regulated Qualified Custodian and fiduciary, Coinbase Custody will not
only offer Wilshire Phoenix clients’ secure storage for digital assets,
but also the ability to perform GAAP-compliant audits whenever the need
About Wilshire Phoenix
Wilshire Phoenix is an investment management and advisory firm focused
on the formation of transparent and practical funds encompassing both
traditional and alternative assets. Wilshire Phoenix also provides asset
management and advisory services for numerous products and
asset-classes, including securitization transactions, fixed-income,
global equities, alternative assets and derivative products. At Wilshire
Phoenix’s foundation are its core values – providing exceptional client
service, operating with integrity, leading with innovation, and giving
back to charitable organizations and communities.
Founded in 2012, Coinbase offers a suite of products to consumers,
professional traders and institutions that make trading, investing and
interacting with cryptocurrencies easy and secure. Coinbase strives to
be the most trusted brand in the space, and has built the world’s
leading platform for cryptocurrencies serving over 25 million customers
worldwide. The company has offices in San Francisco, New York, Chicago,
Portland, London, Dublin and Tokyo.
THE INFORMATION HEREIN IS NOT AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITY AND IS SUBJECT TO CHANGE WITHOUT FURTHER
NOTICE. AN INVESTMENT IN THE FUND INVOLVES SIGNIFICANT RISKS. THE
FUND WILL ONLY ACCEPT SUBSCRIPTIONS FROM ACCREDITED INVESTORS WHO ARE
ELIGIBLE TO INVEST AND THE FUND’S INTERESTS WILL BE SUBJECT TO
SIGNIFICANT LIMITATIONS ON TRANSFERS AND RESALES.