WisdomTree Files For Bitcoin ETF.

WisdomTree Files For Bitcoin ETF.

2021-03-12 | Big Bob

WisdomTree Files For Bitcoin ETF.

Renowned New York-based asset manager WisdomTree has filed for a Bitcoin ETF [Exchange-Traded Fund], with the United States SEC [Securities and Exchange Commission]. The firm submitted its filing earlier on 11th March. It adds that the WisdomTree Bitcoin Trust would trade on CBOE [Chicago Board Options Exchange’s] BZX platform under the ticker BTCW. The trust would offer a regulated way for investors to realize exposure to the worth of Bitcoin, and permit speculators to execute trades via their brokers. Contracts would be settled consistent with CF Benchmarks’ “CF Bitcoin US Settlement Price,” a price level that tracks the worth supported by major BTC spot exchanges. The proposed ETF isn't WisdomTree’s first raid cryptocurrencies, with the firm presently managing a number one institutional ETH fund. Earlier in June last year, WisdomTree filed for an ETF that might invest up to five of capital into BTC futures contracts, despite the fund being primarily focused on energy, agriculture, and metals. Also later in December 2019, the firm launched a physically-backed Bitcoin ETP [Exchange-Traded Product] that was listed on the SIX Swiss Exchange. WisdomTree isn't alone in seeking SEC approval for a Bitcoin ETF. Last month, cryptocurrency-focused financial services firm NYDIG filed for a Bitcoin ETF, with leading United Stated investment bank Morgan Stanley among the proposed fund’s authorized participants Leading ETP [Exchange-traded Product]-issuer VanEck filed for its own BTC fund in January, additionally to an ETF tracking the performance of leading cryptocurrency firms. Texas-based Valkyrie Digital Assets also filed for a Bitcoin ETF that very same month. Moreover, VanEck’s bid for ETF approval could also be impacted by an ongoing lawsuit from its former partner, blockchain tech firm SolidX - with the firm accusing VanEck of plagiarizing a product the 2 firms worked on together within 2018 and 2019.

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