On June 21, 2023, WisdomTree, a New York-based asset management fund, filed another application for approval from the United States Securities and Exchange Commission (SEC) to list its “WisdomTree Bitcoin Trust” on the Cboe BZX Exchange.
The company’s new application for a spot Bitcoin exchange-traded fund (ETF) is part of the wave of applications following the footsteps of financial giant BlackRock.
BlackRock made headlines on June 15, 2023, when it announced its application for a Bitcoin ETF spot. In a notable departure from its previous filings, BlackRock plans to establish a “surveillance sharing agreement” with the Chicago Mercantile Exchange (CME) futures markets. This agreement sets BlackRock apart and signifies a different approach.
WisdomTree, on the other hand, faced two rejections from the U.S. SEC for spot Bitcoin ETF applications. The initial application was denied in December 2021, followed by a second proposal rejection in October 2022. These rejections resulted from U.S. SEC’s concerns about fraud and market manipulation. It’s worth mentioning that WisdomTree manages approximately $83 billion in assets.
However, in its latest application, WisdomTree expressed its willingness to enter into a surveillance agreement with a US-based spot trading platform for Bitcoin and demonstrated its commitment to monitoring and preventing potential price distortions and manipulative activities.
WisdomTree has filed for spot bitcoin ETF h/t @NateGeraci pic.twitter.com/JwXj8rTs2X
— Eric Balchunas (@EricBalchunas) June 20, 2023
Shortly after WisdomTree’s application, global investment manager Invesco reactivated its own application for a similar product. Invesco had formally requested that the U.S. SEC allow its “Invesco Galaxy Bitcoin ETF” to be listed on the Cboe BZX market. The filing aims to address the reliance on loosely regulated offshore vehicles by utilizing professional custodians and service providers, providing investors with easier access to protect their principal investments in Bitcoin.
In addition, there are speculations that Fidelity Investments, a prominent fund manager overseeing assets worth over $4.9 trillion, might enter the spot Bitcoin ETF market. A tweet by AP_Abacus, a co-founder of Arch Public, suggests that Fidelity Investments could potentially apply for its own spot Bitcoin ETF, capitalizing on the current frenzy surrounding such investment products.
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