WisdomTree, the asset manager, is making another attempt to submit a Bitcoin (BTC) exchange-traded fund (ETF) despite facing previous rejections. The company has filed an amendment with the US Securities and Exchange Commission (SEC), as reported by Bloomberg ETF analyst James Seyffart. Seyffart explained, “This indicates that WisdomTree is actively working on launching an ETF and is engaged in discussions with the SEC’s corporate finance division.”
Termed as S-1, the revised filing is occurring amid growing interest in cryptocurrency ETFs. NYDIG, a U.S. crypto firm, estimates the demand for a spot Bitcoin ETF to be approximately $30 billion.
Seyffart highlighted that the revised filing contains nothing critical, as all issuers are expected to file with the regulator. He added, “Just a step in the process. Nothing critical.”
Major players in mainstream investments, such as BlackRock and Fidelity, as well as crypto-focused entities like Grayscale, have submitted applications for a spot Bitcoin ETF with the SEC. However, the SEC has yet to grant approval for any spot Bitcoin ETF applications.
Experts and speculators in the crypto market suggest that the initial approval might materialize in early 2024. Bryan Armour, the director of passive strategies research for North America at Morningstar, emphasizes that such approval would represent the “best product on the market” for ETF investors.
WisdomTree Bets on Bitcoin ETFs
WisdomTree has encountered rejections from the SEC regarding its Bitcoin ETF filings in the past. The SEC rejected WisdomTree’s previous applications in 2021 and 2022, citing insufficient investor protections in the filings.
Despite these setbacks, Jeremy Schwartz of WisdomTree is optimistic that the alterations made in the filings will address regulatory concerns. In July, Schwartz mentioned that the company has effectively launched products in Europe, where regulators have been more accommodating and comfortable with the operational mechanisms, custodians, and market dynamics.
