WisdomTree is edging closer to the launch of its Bitcoin Exchange-Traded Fund (ETF). On November 16, the asset manager filed an updated Form S-1 spot Bitcoin ETF prospectus with the United States Securities and Exchange Commission (SEC), mirroring BlackRock’s recent filing for a spot Ethereum ETF.
WisdomTree’s BTCW on the horizon
This move follows WisdomTree’s refiled application back in June 2023, seeking approval to list and trade shares of the WisdomTree Bitcoin Trust on the BZX Exchange by the Chicago Board Options Exchange (CBOE).
According to the recently revised prospectus, the WisdomTree Bitcoin Trust ETF is poised to trade under the ticker symbol BTCW. Notably, Coinbase Custody Trust has been chosen as the custodian, entrusted with securely holding all Bitcoin on behalf of the trust.
Bloomberg’s ETF analyst, James Seyffart, shed light on the importance of this filing, emphasizing WisdomTree’s uncompromising commitment to the ETF launch and continuous engagement with the SEC. He reassured investors that such filings are standard procedure and shouldn’t raise alarm bells.
Eric Balchunas Advocates Swift SEC Action for WisdomTree’s Bitcoin ETF Approval
Despite the positive outlook, Eric Balchunas, another ETF expert at Bloomberg, expressed a degree of impatience, pointing out the time taken by WisdomTree to amend its filing. Balchunas hopes for expedited decisions from the SEC, without waiting for all S-1 filings to be updated.
Seyffart’s data reveals that among the 12 firms in the U.S. filing for a spot Bitcoin ETF, only two – Franklin Templeton and Global X – have yet to amend their S-1 filings. Franklin Templeton faces its first spot Bitcoin ETF deadline on November 17, while Global X’s second deadline is on November 21.
Bloomberg ETF analysts, including Seyffart, anticipate the SEC announcing another round of delays on decisions for upcoming deadlines. Despite potential delays, Seyffart maintains a positive outlook, suggesting a 90% likelihood that the SEC will approve a spot Bitcoin ETF before the end of January 2024.
In the realm of cryptocurrency, everyone is eagerly waiting for the approval of a spot Bitcoin ETF. Crypto enthusiasts are closely watching these developments as they unfold, eagerly awaiting regulatory decisions that could significantly impact the future of Bitcoin ETFs in the United States.