WisdomTree submits new submitting for spot Bitcoin ETF

WisdomTree has submitted a submitting via which it intends to achieve approval from the U.S. Securities and Change Fee for a spot Bitcoin exchange-traded fund (ETF).

WisdomTree describes its proposed funding automobile, named WisdomTree Bitcoin Belief, as an ETF that may be listed on the Cboe BZX trade underneath the ticker label BTCW, in keeping with the June 20 submitting.

WisdomTree’s ETF — or every other Bitcoin spot ETF — would permit institutional buyers to achieve publicity to the worth of Bitcoin with out investing within the cryptocurrency instantly.

Prior utility

WisdomTree submitted a really related ETF utility in 2021. CboeBXZ later filed a proposed rule change in January 2022 in assist of WisdomTree.

The SEC rejected that rule change in October 2022, because it took problem with inadequate surveillance-sharing agreements and protections towards market manipulation.

Submitting follows BlackRock

WisdomTree’s newest submitting comes simply days after asset administration large BlackRock submitted its ETF utility.

Although BlackRock’s utility isn’t but permitted, some are optimistic in regards to the firm’s capability to offer a passable surveillance-sharing settlement and the corporate’s previous report of ETF approvals.

Bitwise additionally utilized for a Bitcoin spot ETF after BlackRock. Some rumors counsel that Constancy is planning a Bitcoin spot ETF, although these rumors are unverified.

The SEC has not but permitted any Bitcoin spot ETF within the U.S.

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