BlackRock's filing for Bitcoin spot ETF has created a domino effect.
WisdomTree, the New York-based investment firm, has recently submitted a filing for spot Bitcoin (BTC) Exchange-Traded Funds (ETFs).
The submission to the United States Securities and Exchange Commission (SEC) on June 21st seeks approval to list their "WisdomTree Bitcoin Trust" on the Cboe BZX Exchange with the ticker "BTCW."
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This is not WisdomTree's first attempt at securing approval for a spot Bitcoin ETF. The firm previously had two applications denied by the SEC in December 2021 and October 2022 due to concerns over potential fraud and market manipulation.
WisdomTree's filing comes following the footsteps of investment company BlackRock. The latter submitted its filing for spot Bitcoin ETF on June 15th, inspiring a wave of new filings from other investment companies.
One of the distinguishing elements in BlackRock's recent filing is its proposal to establish a "surveillance sharing agreement" with the Chicago Mercantile Exchange (CME) futures markets. This approach would address the SEC's concerns about potential price manipulations.
The echo of this strategic approach is noticeable in WisdomTree's recent filing, which indicates its readiness to enter a similar agreement with "an operator of a US-based spot trading platform for Bitcoin."
Barely four hours after WisdomTree submitted its application, Invesco, the global investment manager, decided to revive its previous application for a similar product. Their request to the SEC involves the listing of their "Invesco Galaxy Bitcoin ETF" on the Cboe BZX exchange.
Despite the SEC's history of not approving a single spot Bitcoin ETF product, Bloomberg senior ETF analyst Eric Balchunas suggests there's cause for optimism following BlackRock's move. He highlights BlackRock's impressive "575-1" track record of getting ETFs approved by the regulator.
Adding fuel to the spot Bitcoin ETF race, rumors suggest that the multi-trillion-dollar fund manager, Fidelity Investments, might also join the race.
The fevour around spot Bitcoin ETFs has reignited, with significant players like BlackRock, WisdomTree, and possibly Fidelity stepping into the fray. This renewed interest could potentially reshape the Bitcoin ETF landscape, offering a fresh wave of optimism to crypto investors worldwide.
