WisdomTree and Invesco, investment managers, have filed for spot Bitcoin ETFs shortly after BlackRock’s Filing.
Following BlackRock’s application for a spot Bitcoin ETF, at least two investment firms have filed for their own spot Bitcoin ETFs. WisdomTree, an asset management fund based in New York, is the latest firm to submit a filing for a spot Bitcoin ETF.
In a filing made to the U.S. Securities and Exchange Commission (SEC) on June 21, WisdomTree sought permission to list its “WisdomTree Bitcoin Trust” on the Cboe BZX Exchange with the ticker symbol “BTCW.”
WisdomTree has filed for spot bitcoin ETF h/t @NateGeraci pic.twitter.com/JwXj8rTs2X
— Eric Balchunas (@EricBalchunas) June 20, 2023
WisdomTree has previously submitted two applications for a spot Bitcoin ETF. However, both applications were rejected by the SEC. The first rejection occurred in December 2021, followed by another rejection in October 2022. The SEC expressed concerns about fraud and market manipulation. WisdomTree currently manages around $83 billion in assets.
A notable distinction in BlackRock’s recent filing with the SEC is its plan to establish a “surveillance sharing agreement” with the Chicago Mercantile Exchange (CME) futures markets.
BlackRock’s proposal references the SEC’s approval of a Bitcoin futures fund by Teucrium, highlighting the CME’s robust surveillance of futures market conditions to detect and prevent price distortions. WisdomTree’s filing also echoes this sentiment, expressing a willingness to enter into a surveillance agreement with a US-based spot trading platform for Bitcoin.
Shortly after WisdomTree submitted its application, investment manager Invesco swiftly “reactivated” its own application for a similar product.
And now Invesco has reactivated their 19b-4 for their spot ETF https://t.co/D2zTpqrqJH
— Eric Balchunas (@EricBalchunas) June 20, 2023
Invesco has submitted a 19b-4 document to the SEC, seeking permission for its “Invesco Galaxy Bitcoin ETF” to be listed on the Cboe BZX exchange. The filing emphasizes that a spot Bitcoin ETF, utilizing professional custodians and service providers, eliminates the reliance on loosely regulated offshore vehicles. This provides investors with greater opportunities to safeguard their principal investments in Bitcoin.
Although the SEC has not yet approved any spot Bitcoin ETF products, Bloomberg’s senior ETF analyst, Eric Balchunas, stated that “BlackRock breathed new life into the race.” He made this remark in response to his own tweet regarding the filing made by WisdomTree.
Fun fact: BlackRock's record of getting ETFs approved by the SEC is 575-1. That's another reason this is so big, they don't play around. https://t.co/f7YIhGRmLf
— Eric Balchunas (@EricBalchunas) June 16, 2023
Balchunas further mentioned that crypto investors have a valid reason to be optimistic about BlackRock’s initiative, as the investment firm has an impressive track record of getting ETFs approved by the regulator, with a record of “575-1.
Rumors are circulating that Fidelity Investments, a multi-trillion-dollar fund manager, is considering taking advantage of the growing interest in spot Bitcoin ETFs, alongside the recent developments from WisdomTree and Invesco.
According to a tweet by Arch Public co-founder @AP_Abacus on June 19, Fidelity Investments, managing around $4.9 trillion in assets, might consider filing for its own spot Bitcoin ETF. Alternatively, Abacus suggests that the investment firm could potentially make an offer for Grayscale’s GBTC ETF product.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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