WisdomTree Files for Bitcoin ETF Approval with U.S. SEC

WisdomTree Seeks Approval for Bitcoin ETF with U.S. SEC

WisdomTree, a prominent asset management firm, has filed with the U.S. Securities and Exchange Commission (SEC) to launch its Bitcoin Exchange-Traded Fund (ETF). The filing, made through an S-1 form submitted on Thursday, reveals the company’s plans to list shares of the Bitcoin ETF on the Cboe bZx exchange under the ticker symbol BTCW. The proposed ETF will aim to track the CME CF Bitcoin U.S. Settlement Price, a benchmark that measures the price of Bitcoin based on trade flow from major cryptocurrency exchanges.

Custody and Transparency

While the custodian for the fund has not yet been disclosed, Delaware Trust Company will serve as the trustee. WisdomTree emphasizes full transparency, with details of the fund’s holdings available on its website for investors. This transparency is intended to assure investors that they can gain exposure to Bitcoin through traditional brokerage accounts, bypassing the risks typically associated with directly purchasing, holding, or transferring Bitcoin on exchanges.

Bitcoin ETF Race

WisdomTree’s application follows those of three other firms—NYDIG, Valkyrie, and VanEck—which have also applied to the U.S. SEC for approval to launch Bitcoin ETFs. While the SEC has shown reluctance in approving such products due to concerns about risks, these applications continue to be reviewed. Notably, VanEck has already filed a Form 19b-4, marking the beginning of the regulatory inspection process.

A wave of Bitcoin ETF approvals in Canada, particularly the Purpose Bitcoin ETF, has fueled optimism that the U.S. may soon follow suit. Launched in February 2021, the Purpose Bitcoin ETF quickly garnered $400 million in assets under management within the first 24 hours, with assets reaching $624 million in just nine days. This success has set a positive precedent for Bitcoin ETFs, potentially encouraging U.S. regulators to reconsider their stance.

WisdomTree’s Role in the Market

Currently ranked as the tenth-largest Exchange-Traded Product (ETP) sponsor globally, WisdomTree is a major player in the investment space. The company operates under the NASDAQ Global Market with the ticker WETF. If approved, this Bitcoin ETF would mark a significant step in making cryptocurrency investment more accessible to traditional investors and institutions.

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