WisdomTree Investments Joins BlackRock, Files For Bitcoin ETF

Several United States asset managers have sought the blessing of the US Securities and Exchange Commission (SEC) to launch spot bitcoin exchange-traded funds (ETFs). However, companies such as WisdomTree, Grayscale and One River Asset Management only received SEC rejections.

However, the SEC’s refusal hasn’t deterred WisdomTree as of June 21 Bloomberg. reports It has been learned that the asset manager has filed another application with the SEC to launch its Spot BTC ETF. The firm’s application came days after BlackRock sought approval for the same product.

WisdomTree Re-Applies for Spot BTC ETF Approval Despite Previous Rejection

WisdomTree Investments previously filed a proposal with the SEC to launch a spot BTC ETF in 2021. However, after considerable delay in taking action, the commission rejected the company’s application in December 2021.

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after denial, wisdomtree, with A riverMade changes to its proposal and resubmitted it to the SEC. However, in March 2022, the commission announced Setting a longer period for making a decision on the proposed rule change.

It was noted that sufficient time is needed to consider the proposed change, including accompanying comments. The dedication of WisdomTree might have been expected after a long period of delay and denial, but the latest development suggests otherwise.

Tuesday’s filing revealed that Coby will list on the BZX exchange under the name BTCW upon approval of the asset manager’s Bitcoin Trust.

The SEC has previously refused to allow such bitcoin-based investment products, rejecting or ignoring applications from firms such as Grayscale, One River and VanEck.

It cited fraud and manipulation of the BTC spot market as reasons for not approving the spot-based BTC ETF. Instead, the SEC allowed futures-based BTC ETFs.

Specifically, the manager of the largest bitcoin trust fund, Grayscale, applied with the SEC to convert its private Spot Bitcoin Trust into a spot ETF. But the commission rejected the move, angering the firm Sue To reject this application.

Blackrock Spots BTC Approval Raises Hope

Last week, leading US asset manager BlackRock Applicable For SEC approval to launch iShares Bitcoin Trust Spot ETF. BlackRock’s application appears to have raised hopes among previous applicants.

Bloomberg Intelligence ETF Analysts Eric Balchunas and James Seifert Say: BlackRock Spots BTC ETF Filing “Thanks to the company’s size, stature and reputation, approval has restored hope.” Interestingly, some bitcoin proponents put weight behind BlackRock’s political affluence and power in the United States as an advantage.

in june 12 doPine, a notable bitcoin proponent, while cheering BlackRock, expressed optimism that the firm will get SEC approval to launch its Spot BTC ETF.

Paine said:

BlackRock is possibly the most politically powerful and connected entity in the United States. I bet this spot btc etf will be approved.

He also said the SEC was to stop withholding approval of other firms’ applications. “Unworthy Precursor” and “Give the Anointed (Blackrock) their due.”

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