$87 Billion Asset Manager WisdomTree Files Spot Bitcoin ETF

Sahana Kiran
Bitcoin ETF
Source – Wccftech

Bitcoin exchange-traded funds [ETFs] have regained attention in the crypto market as various platforms aim to launch their own offerings. However, obtaining approval from the Securities and Exchange Commission [SEC] is a crucial step in this process. Joining the race, WisdomTree Investments, a prominent asset manager in the United States, has also decided to venture into the Bitcoin ETF space.

According to recent reports, the asset management firm WisdomTree has filed an application with the SEC. The application was filed for a Bitcoin ETF named “WisdomTree Bitcoin Trust.” The filing shows that the ETF is planned to be listed on the Cboe BZX Exchange with the ticker symbol BTCW.

Additionally, the filing by WisdomTree outlined the reason behind the application. The firm aims to gain exposure to the price movements of Bitcoin. This is done while taking into account the operational costs and obligations of the ETF. WisdomTree plans to calculate the value of the ETF’s shares on a daily basis using the CF Bitcoin U.S. Settlement Price, which consolidates trading data from Bitcoin spot exchanges.

Will the SEC finally give WisdomTree a green signal?

After facing a setback in 2021 when its previous ETF application was rejected due to concerns over surveillance-sharing agreements and protection against market manipulation, WisdomTree has made a comeback in the ETF race. The asset manager’s decision to reenter the market coincides with BlackRock’s Bitcoin ETF application.

In the wake of BlackRock’s recent filing for a Bitcoin ETF, numerous firms are now contemplating entering the Bitcoin ETF market. ETF analysts Eric Balchunas and James Seyffart attribute this increased interest to BlackRock. They stated that the company’s filing has instilled hope for approval. This was due to its substantial size, esteemed reputation, and influential position in the financial industry.

Amidst this increased interest in Bitcoin ETFs, the king coin was trading for $28,813.85 with a daily rise of 7%.