WisdomTree and Invesco Joins BlackRock in Filing for Spot Bitcoin ETF

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Key takeaways:

  • WisdomTree and Invesco, two investment managers, have applied for spot Bitcoin ETFs.
  • A comparable product application from significant investment management firm Invesco was reactivated.

Following financial behemoth BlackRock’s decision to submit a similar petition for its spot Bitcoin exchange-traded funds (ETF) on June 15, two investment companies have made new files for spot Bitcoin ETF. 

The most recent investment company to submit a fresh filing for a spot Bitcoin ETF is New York-based asset management fund WisdomTree. WisdomTree obtained permission from the Securities and Exchange Commission (SEC) on June 21 to list its “WisdomTree Bitcoin Trust” on the Cboe BZX Exchange using the ticker “BTCW.”

There have been two applications for spot Bitcoin ETFs submitted by ItsWisdomTree in the past. The SEC turned down the company’s initial application in December 2021. The banking authority gave the exact reasons for rejecting its second application in October 2022: fraud and market manipulation.

The fact that BlackRock plans to enter into a “surveillance sharing agreement” with the Chicago Mercantile Exchange (CME) futures markets is one of the primary distinctions between its most recent report to the SEC and other recent filings.

A comparable product application from significant investment management firm Invesco was “reactivated” less than four hours after WisdomTree submitted its own.

Invesco asked the financial regulator to approve the listing of its “Invesco Galaxy Bitcoin ETF” product on the Cboe BZX market, according to the 19b-4 document, which alerts the SEC to a proposed rule change.

Using professional custodians and other service providers, a spot Bitcoin ETF, according to the filing, eliminates the need for investors to rely on loosely regulated offshore entities, which in turn enables them to more easily secure their core assets in Bitcoin.

After BlackRock, Bitwise also put in a request for a Bitcoin spot ETF. In addition to WisdomTree’s and Invesco’s recent action, rumors have started to spread that Fidelity Investments, a multi-trillion dollar fund manager, may also be aiming to profit from the current craze for spot Bitcoin ETFs. 

AP_Abacus, a co-founder of Arch Public, tweeted on June 19 that Fidelity Investments would consider applying for its spot Bitcoin ETF. Alternately, according to Abacus, the investment company might make a bid for the GBTC ETF product from Grasyscale.

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