WisdomTree has filed an application through which it plans to receive approval from the US Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF).
WisdomTree describes the proposed investment vehicle, called 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 Bitcoin spot ETF – would allow institutional investors to gain exposure to Bitcoin’s value without investing directly in the cryptocurrency.
Prior application
WisdomTree filed a very similar ETF filing 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, citing insufficient agreements for surveillance sharing and protection against market manipulation.
Submission follows BlackRock
WisdomTree’s latest filing comes just days after asset management giant BlackRock filed its ETF filing.
While BlackRock’s application has not yet been approved, some are optimistic about the company’s ability to provide a satisfactory supervisory sharing deal and the company’s past with ETF approvals.
Bitwise has also applied for a Bitcoin spot ETF after BlackRock. Some rumors suggest that Fidelity is planning a Bitcoin spot ETF, although those rumors have not been verified.
The SEC has not yet approved a Bitcoin spot ETF in the US
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