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WisdomTree files to launch a US bitcoin ETF, joining a growing list of firms seeking SEC approval

Mar 12, 2021, 21:17 IST
Business Insider
Bitcoin has fallen sharply from all-time highs this weekS3studio/Getty Images

WisdomTree is the latest firm to submit filings for a bitcoin ETF to the US Securities and Exchange Commission.

The New York-based exchange traded fund sponsor and asset manager filed an S-1 on Thursday to list the WisdomTree Bitcoin Trust on the Cboe BZX Exchange.

The ETF aims to provide investors with exposure to the price of bitcoin and would trade under the ticker symbol "BTCW."

WisdomTree's fund will track the CME CF Bitcoin US Settlement Price, which calculates the bitcoin price based on trade flow of major bitcoin spot exchanges. Delaware Trust Company is the trustee of the fund and the custodian of the fund has not yet been named, according to the filing.

WidsomTree joins a host of other firms who have applied to the SEC for a bitcoin ETF, in the hopes that Canada's recent approval of three bitcoin ETFs and crypto's growing institutional adoption will finally prompt the US regulator to approve a fund.

The SEC is currently considering ETF applications from WisdomTree, NYDIG, VanEck, and Valkyrie Digital Assets. This week, Grayscale Investments, the largest digital currency asset manager, posted nine ETF-related job ads on LinkedIn, in what some say is a sign Grayscale anticipates the SEC to approve a bitcoin ETF soon.


Although GrayScale doesn't have an application for a crypto ETF at the moment, CEO Michael Sonnenshein told Bloomberg the asset manager is "continuously exploring new opportunities, such as an ETF, in response to consumer demand."

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