2023-6-21 02:33 |
WisdomTree has submitted a filing through which it intends to gain approval from the U.S. Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF).
WisdomTree describes its proposed investment vehicle, named WisdomTree Bitcoin Trust, as an ETF that would be listed on the Cboe BZX exchange under the ticker label BTCW, according to the June 20 filing.
WisdomTree’s ETF — or any other Bitcoin spot ETF — would allow institutional investors to gain exposure to the value of Bitcoin without investing in the cryptocurrency directly.
Prior applicationWisdomTree submitted a very similar ETF application in 2021. CboeBXZ later filed a proposed rule change in January 2022 in support of WisdomTree.
The SEC rejected that rule change in October 2022, as it took issue with insufficient surveillance-sharing agreements and protections against market manipulation.
Filing follows BlackRockWisdomTree’s latest filing comes just days after asset management giant BlackRock submitted its ETF application.
Though BlackRock’s application is not yet approved, some are optimistic about the company’s ability to provide a satisfactory surveillance-sharing agreement and the company’s past record of ETF approvals.
Bitwise also applied for a Bitcoin spot ETF after BlackRock. Some rumors suggest that Fidelity is planning a Bitcoin spot ETF, though those rumors are unverified.
The SEC has not yet approved any Bitcoin spot ETF in the U.S.
The post WisdomTree submits new filing for spot Bitcoin ETF appeared first on CryptoSlate.
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