WisdomTree Files for Bitcoin ETF with SEC

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In Brief
  • WisdomTree seeks SEC approval to launch Bitcoin ETF.

  • The company says the Trust’s objective is to enable exposure to bitcoin in a regulated manner.

  • If approved, the ETF will trade on the Cboe BZX Exchange.

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The Trust Project is an international consortium of news organizations building standards of transparency.

WisdomTree has joined the growing list of asset custodians seeking SEC approval for a bitcoin ETF. The company filed a document with the enforcement agency yesterday.

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New York-based ETF sponsor and asset manager, WisdomTree filed a document with the Securities and Exchange Commission on March 11, 2021. It’s seeking the regulatory body’s approval to launch its own Bitcoin ETF.

The firm currently has over $60 billion in assets under management. It aims to provide its client exposure to the digital asset space through a regulated framework.

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It will list common shares of the Bitcoin ETF on the Cboe BZX Exchange and will trade under the ticker “BTCW”.

Bitcoin and other digital assets have caught the eye of seasoned investors recently. They have outperformed the majority of traditional financial instruments and continue to show signs of growth. This, coupled with heightened client demand has caused asset management companies to embrace digital assets.

What’s in it for Investors?

According to WisdomTree, investors will indirectly invest in a portfolio comprised of bitcoin through a traditional brokerage. In this way, they can bypass the risks involved in holding, transferring, or buying directly from an exchange. The asset custodian promised full transparency, stating that details of the Trust’s holdings will be available on the website.

The company is currently ranked the tenth largest Exchange Traded Product (ETP) sponsor in the world. WisdomTree is listed as WETF under the NASDAQ Global market.

Bitcoin ETFs Gradually Gaining Ground

Bitcoin ETFs have amassed popularity and asset managers strive to enable investments in a compliant way. For example, Purpose Investments launched the world’s first Bitcoin ETF on Feb. 18, 2021. The Canadian company’s ETF trades on the Toronto Stock Exchange under the tickers “BTCC.B” and “BTCC.U”.

Within 24 hours of launching, the company recorded a whopping $400 million in assets under management. In nine days, the numbers surged further to $624 million.

The first insured Bitcoin Trust in South East Asia has officially launched. According to the report, the BCMG Genesis Bitcoin Fund-I (BGBF-I) was devised to meet the growing need of investors.

Furthermore, many other big names are currently on the queue, seeking for SEC approval. The likes of VanEck, Valkyrie, and NYDIG have already filed with the regulatory watchdog.

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Daniel is an avid blockchain and cryptocurrency enthusiast. He gained interest in the digital asset space in 2017. Since then, he started writing educational content to spread the word on the distributed ledger technology.

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