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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

WisdomTree Investments Joins Blackrock, Files For Bitcoin ETF

Kent Tenix
Kent Tenix
1 year ago
3 mins read
WisdomTree

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Several United States asset managers have sought the US Securities and Exchange Commission’s (SEC) blessing to start a spot Bitcoin exchange-traded fund (ETF). However, companies like WisdomTree, Grayscale, and One River Asset Management only received the SEC’s rejection.

However, the SEC’s denial didn’t deter WisdomTree as a June 21 Bloomberg report revealed that the asset manager filed another application with the SEC to launch its spot BTC ETF. The firm’s application comes a few days after BlackRock submitted its own, seeking approval for the same product.

WisdomTree Reapplies For Spot BTC ETF Approval Despite Previous Rejections

WisdomTree Investments had previously proposed to launch a spot BTC ETF with the SEC in 2021. However, the commission denied the company’s application in December 2021 after a prolonged delay in taking action. 

Related Reading: Shiba Inu Breaks Through Crucial Resistance Point With 10% Climb

After the denial, WisdomTree, alongside One River, made changes to its proposal and resubmitted it to the SEC. However, in March 2022, the commission announced designating a longer period to decide on the proposed rule change.

It noted that it needed ample time to consider the proposed change, including the accompanying comments. One would have expected WisdomTree to surrender after the prolonged delay and denial, but the latest development suggests otherwise. 

The Tuesday filing disclosed that the asset manager’s Bitcoin Trust would list on the Cboe BZX Exchange under the name BTCW if approved.

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 BTC spot market manipulation as reasons for not approving the spot-based BTC ETFs. Instead, the SEC allowed futures-based BTC ETFs.

Notably, the manager of the largest Bitcoin Trust fund, Grayscale, had applied with the SEC to convert its private spot Bitcoin trust to spot ETF. But the commission rejected the move, enraging the firm to sue it for denying the application.

BTCUSD price chart
Bitcoin currently hovers above $29,000 in the daily chart. | Source: BTCUSD price chart from TradingView.com

BlackRock Raises Hope In Spot BTC Approval

Last week, US’ leading asset manager BlackRock applied for the SEC’s approval to launch iShares Bitcoin Trust spot ETF. It appears that BlackRock’s application restored hope among previous applicants.

Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence, said:  BlackRock’s spot BTC ETF filing “has restored hope in approval thanks to the company’s size, stature, and reputation.” Interestingly, some Bitcoin proponents threw weights behind BlackRock’s political affluence and power in the United States as an advantage. 

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In a June 12 tweet, a notable Bitcoin proponent, Paine, while cheering BlackRock, expressed optimism that the firm would receive the SEC’s approval to launch its spot BTC ETF. 

Paine said:

BlackRock is probably 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’s stalling the approval of other firms’ applications was to ward off “undeserving frontrunners” and “let the anointed [BlackRock] have their due.”

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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