- Asset management company WisdomTree submitted a revision of its spot Bitcoin ETF application on Thursday.
- The filing is part of the application process and signals WisdomTree is in talks with the SEC, Bloomberg analyst James Seyffart said.
- Market participants should expect similar filings from all Bitcoin ETF issuers at some point.
WisdomTree is an asset management firm that manages approximately $94.2 billion in assets and has submitted a revised spot Bitcoin ETF, an S-1 filing, to the US Securities and Exchange Commission (SEC). The firm is lagging behind in the spot Bitcoin ETF race.
Also read: BlackRock’s spot Ethereum ETF filing fails to catalyze ETH price sustained rally
WisdomTree submits revised spot Bitcoin ETF to the SEC
The asset management firm has submitted a revised prospectus (S-1 filing) to the US financial regulator, for its spot Bitcoin ETF. This is an important update as it is part of the process for all issuers of Exchange Traded Products, before they launch their spot Bitcoin ETFs.
James Seyffart, Bloomberg ETF analyst, commented on the development in a recent tweet on X. Seyffart explained that WisdomTree is still planning to launch an ETF, but the firm is behind in the spot Bitcoin ETF race, as other financial firms have already submitted updated applications.
UPDATE: Theres the S-1/Prospectus amendment for @WisdomTreeFunds’s spot #bitcoin ETF pic.twitter.com/RKzWbuKnl1
— James Seyffart (@JSeyff) November 16, 2023
The custodian for WisdomTree’s spot Bitcoin ETF product is Coinbase and the benchmark is the CME CF Bitcoin Reference Rate – New York Variant, according to Bloomberg analyst Henry Jim.
WisdomTree has four key filings with the SEC, as detailed by Jim.
WisdomTree tries spot Bitcoin ETF, again
— ETF Hearsay by Henry Jim (@ETFhearsay) November 17, 2023
WisdomTree Bitcoin Trust
Ticker: BTCW
Fees: TBA
Custodian: Coinbase
Benchmark: CME CF Bitcoin Reference Rate – New York Variant
Exchange: Cboe BZX
Filing (Nov 16, 2023):https://t.co/M2GB4csfMb
Filing (June 20, 2023):… pic.twitter.com/xwlkfFEJlP
Market participants are awaiting the SEC’s decision on Franklin Templeton’s Bitcoin ETF application, which has a deadline of November 17. The regulator delayed the decision on Hashdex and Grayscale’s applications, deferring them to 2024.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple's XRP breaks out of downtrend as RLUSD receives greenlight from New York regulators
Ripple's CEO Brad Garlinghouse announced on Tuesday that the company received a green light from the New York Department of Financial Services on the launch of its stablecoin RLUSD.
Could Google's supercomputer crack Bitcoin? Crypto community maintains positive outlook
Bitcoin faced mixed sentiments on Tuesday after crypto community members spoke on the potential of Google's new quantum chip Willow's ability to crack blockchain networks and render the security of public key cryptography useless.
Crypto Today: Microsoft Rejects Bitcoin Reserve Plan, as Cardano, XRP Lead Market Rebound
Amid an escalating geopolitical crisis, the global crypto market crash on Monday saw over $1.5 billion worth of liquidations, triggering double-digit losses across top-ranked digital assets.
Litecoin Price Prediction: LTC to hold $100 support as traders deploy $10M of leverage
Litecoin price broke below the $110 level on Tuesday, down 20% in a frenetic 24 hours as rising geopolitical risks triggered volatility across global crypto markets.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.