WisdomTree has submitted an application aimed at seeking approval from the U.S. Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF).
According to the paper, WisdomTree describes its proposed investment vehicle, dubbed WisdomTree Bitcoin Trust, as an ETF listed on the Cboe BZX exchange under the ticker label BTCW. June 20th filing.
The WisdomTree ETF and other Bitcoin spot ETFs will allow institutional investors to tap into the value of Bitcoin without investing directly in the cryptocurrency.
WisdomTree has filed a very similar ETF application in 2021. CboeBXZ then submitted a proposed rule change in January 2022 in favor of Wisdom Tree.
The SEC rejected the rule change in October 2022, citing insufficient surveillance sharing agreements and inadequate protections against market manipulation.
Filed after BlackRock
WisdomTree’s latest filing comes just days after wealth management giant BlackRock filed an ETF application.
BlackRock’s application has yet to be approved, but there is optimism about the company’s ability to deliver satisfactory surveillance-sharing contracts, as well as its track record of ETF approvals.
Bitwise also applied for a Bitcoin spot ETF following BlackRock. There are also rumors that Fidelity is planning a Bitcoin spot ETF, but those rumors are unconfirmed.
SEC Has Not Approved Bitcoin Spot ETFs In The US Yet
An article about WisdomTree submitting a new application for a spot Bitcoin ETF first appeared on CryptoSlate.