New York-based asset manager WisdomTree has filed for a new spot Bitcoin exchange-traded fund (ETF) application with the United States Securities and Exchange Commission (SEC). The company filed its application on June 20, 2023.
WisdomTree Refiles for Spot Bitcoin ETF
According to the filing, the proposed ETF is entitled “WisdomTree Bitcoin Trust” and will be listed on the Cboe BZX Exchange under the ticker “BTCW.”
WisdomTree stated in its filing that the “Trust’s investment objective is to gain exposure to the price of bitcoin, less expenses and liabilities of the Trust’s operations.” The asset manager added that the U.S. Bank National Association will serve as the custodian for the Trust.
This makes it the third time WisdomTree will be submitting an application for a spot-based Bitcoin ETF. The SEC rejected the company’s first application in December 2021 and another one in October 2022. At the time, the securities watchdog cited a lack of “surveillance-sharing agreements” as well as concerns of fraud and market manipulation.
However, in its new filing, WisdomTree said it intends to enter a surveillance-sharing agreement with “an operator of a US-based spot trading platform for Bitcoin.”
Notably, the SEC is yet to approve any application for a spot Bitcoin ETF to date but has allowed futures-based Bitcoin ETFs.
BlackRock Restores Hope in Spot Bitcoin ETF Approval
WisdomTree’s latest application comes a few days after the world’s largest asset manager BlackRock filed an application with the SEC to launch a spot Bitcoin ETF. It appears that BlackRock’s recent filing has renewed optimism among investment managers, sparking a new wave of filings this week.
For instance, a day after BlackRock’s filing, crypto-focused asset manager Bitwise refiled an application for a spot-based ETF with the SEC. According to reports, investment company Fidelity is also planning to file the same.
Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence, said in a statement that BlackRock’s filing “has restored hope in approval thanks to the company’s size, stature and reputation.”
