At least two investment firms submit paperwork for spot Bitcoin ETFs
At least two investment firms have submitted paperwork for spot Bitcoin exchange-traded funds (ETFs) after the investment giant BlackRock filed an application for its own spot Bitcoin ETF on June 15.
WisdomTree, a New York-based asset management fund, has recently submitted a filing for a Bitcoin ETF, making it the latest investment firm to do so.
In a filing made to the United States Securities and Exchange Commission (SEC) on June 21, WisdomTree asked for permission from the SEC to list its “WisdomTree Bitcoin Trust” on the Cboe BZX Exchange, with the ticker symbol “BTCW”.
WisdomTree had previously attempted to obtain a Bitcoin ETF twice, but both applications were denied by the SEC. The first one was declined in December 2021 and the second one was denied in October 2022, due to the SEC’s worries about potential fraud and market manipulation. As of now, WisdomTree manages around $83 billion in assets.
BlackRock’s Bitcoin ETF “breathes new life” into the race
BlackRock recently submitted a filing to the SEC wherein they declared their intention to enter into a “surveillance sharing agreement” with the Chicago Mercantile Exchange (CME) futures markets, which is a key distinction from other filings.
BlackRock’s proposition refers to the SEC’s authorization of a Bitcoin futures fund by the investment consultancy Teucrium. The decision mentioned that the CME “constantly and continuously monitors futures market situations and cost movements to find and prevent price distortions, including those caused by manipulative activities.”
In agreement with this sentiment, WisdomTree’s filing expresses its willingness to enter into a surveillance arrangement with a US-based spot trading platform for Bitcoin.
Less than four hours after WisdomTree submitted its application, Invesco, a global investment manager, revived its application for a comparable product.
In the 19b-4 document, Invesco has asked the SEC to permit the listing of its “Invesco Galaxy Bitcoin ETF” on the Cboe BZX exchange, as per the proposed rule change.
The filing states that a Bitcoin ETF which is managed by “professional custodians and other service providers” eliminates the necessity of investors to depend on “insufficiently regulated offshore vehicles,” thus permitting them to more confidently “safeguard their primary investments in Bitcoin.”
Despite the SEC not having approved any Bitcoin ETF products yet, Bloomberg’s senior ETF analyst Eric Balchunas commented that BlackRock has “breathed new life into the race” in response to his tweet regarding the WisdomTree filing.
Balchunas also suggested that crypto investors may be hopeful about BlackRock’s decision, noting that the investment company has a successful history of getting ETFs approved by the regulator, having a “575-1” track record.
Fidelity Investments rumored to be considering Bitcoin ETF filing
Is BlackRock’s Bitcoin ETF really “the best thing to happen” to BTC, or not?
Rumors have started to surface that Fidelity Investments, a multi-trillion-dollar fund manager, could be looking to benefit from the current excitement for Bitcoin exchange-traded funds (ETFs) following the recent moves by WisdomTree and Invesco.
On June 19, AP_Abacus, co-founder of Arch Public, tweeted that Fidelity Investments, which manages approximately $4.9 trillion in assets, may be considering filing for its own Bitcoin ETF. Abacus also suggested that the investment firm may be looking into making an offer on Grayscale’s GBTC ETF product.
Cointelegraph attempted to contact Fidelity to verify the information, but did not receive an answer right away.
Magazine states that Bitcoin is heading towards achieving “Net Zero” promises.
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