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Following BlackRock! Asset management company WisdomTree submits Bitcoin spot ETF application again

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Following BlackRock! Asset management company WisdomTree submits Bitcoin spot ETF application again

After BlackRock submitted an application for a Bitcoin spot ETF to the SEC last week, another asset management company, WisdomTree, has once again filed for a Bitcoin spot ETF, seemingly looking to capitalize on the momentum created by BlackRock and challenge the SEC once more.

WisdomTree Submits Bitcoin Spot ETF Application for the Third Time

Eric Balchunas, a senior ETF analyst at Bloomberg, stated this morning that WisdomTree has once again submitted an application for a Bitcoin spot ETF. WisdomTree had previously submitted applications in 2021 and 2022, but they were rejected by the SEC for not meeting investor protection requirements.

According to WisdomTree's latest filing, their Bitcoin spot ETF, the "WisdomTree Bitcoin Trust," is structured as a trust, similar to BlackRock's application, with the investment objective of gaining exposure to the price of Bitcoin.

If WisdomTree's application is approved, it is expected to be listed on the Cboe BZX Exchange under the Chicago Board Options Exchange, with the Bank of New York Mellon serving as the custodian for Bitcoin, and using the CME CF Bitcoin US Settlement Price as the benchmark for the ETF's net asset value.

Invesco Also Resubmits Bitcoin Spot ETF Filing

In addition to the news from WisdomTree, Eric Balchunas also mentioned that investment management firm Invesco, along with crypto industry service provider Galaxy, has resubmitted the 19b-4 form for their proposed Invesco Galaxy Bitcoin ETF, aiming for a listing on the Cboe BZX Exchange.

Note: According to Investopedia, the SEC 19b-4 form is a form submitted by a self-regulatory organization (SRO) to the SEC, informing the SEC of proposed rule changes by the SRO.