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WisdomTree Applies for Bitcoin ETF with the U.S. SEC

WisdomTree Applies for Bitcoin ETF with the U.S. SEC

WisdomTree becomes the most recent company to seek approval from the U.S. SEC to introduce Bitcoin ETF (Exchange-traded fund) in the United States. The S-1 Form filed on Thursday unveiled WisdomTree’s plans to list the shares of the Bitcoin ETF on Cboe’s bZx exchange below the ticker symbol BTCW. It additionally advocated that the proposed ETF share prices would trace CME CF Bitcoin U.S. Settlement Price, a benchmark that measures Bitcoin price based on the trade flow on significant cryptocurrency exchanges. Moreover, a custodian is yet to be named, but Delaware Trust Company will be the trustee.

As per WisdomTree, investors will indirectly fund a portfolio comprised of Bitcoin via a conventional brokerage. In this way, they can circumvent the risks included in transferring, holding, or purchasing undeviatingly from an exchange. The asset custodian guaranteed full transparency, affirming that the Trust’s holdings’ details will be accessible on the website. Moreover, the company is recently ranked the tenth largest Exchange Traded Product (ETP) sponsor in the world. Under the NASDAQ Global market, WisdomTree comes under WETF.

WisdomTree follows three other companies in a queue for U.S. SEC’s Approval for launching Bitcoin ETF

WisdomTree has followed three other companies, NYDIG, Valkyrie, and VanEck, whose applications to drive Bitcoin ETFs are already with the financial market regulator. Nevertheless, only VanEck filed a Form 19b-4 that commenced the regulatory inspection process. Numerous companies pushed the launch of a Bitcoin ETF for years. Yet, the SEC is unwilling to approve, indicating risks. Nonetheless, it proceeds to accept applications.

A current wave of Canada-based bitcoin ETF approvals has some market spectators assured that the U.S. would soon follow suit. The Canadian regulators recently approved Purpose Bitcoin ETF. Purpose Investments propelled the world’s first Bitcoin ETF on Feb. 18, 2021. Moreover, the Canadian company’s ETF trades on the Toronto Stock Exchange below the tickers “BTCC.B” and “BTCC.U”. In 24 hours of launching, the company reported a massive $400 million in assets under management. Moreover, in nine days, the numbers climbed further to $624 million.

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