SEC Decisions Awaited as WisdomTree Amends Bitcoin ETF Filing

Global Crypto Exchange-Traded Fund (ETF) Provider WisdomTree Files Amended Form S-1 Spot Bitcoin (BTC) ETF Prospectus with SEC

On Nov. 16, WisdomTree, a global exchange-traded fund (ETF) provider, filed an amended Form S-1 spot Bitcoin (BTC) ETF prospectus with the United States Securities and Exchange Commission (SEC). This update comes after the firm refiled its spot Bitcoin ETF application in June 2023, proposing a rule change to list and trade shares of the WisdomTree Bitcoin Trust on the BZX Exchange by the Chicago Board Options Exchange (CBOE).

The amended prospectus mentions that the WisdomTree Bitcoin Trust ETF will trade under a ticker symbol BTCW, with Coinbase Custody Trust serving as the custodian holding all of the trust’s Bitcoin on its behalf.

According to Bloomberg ETF analyst James Seyffart, the updated Form S-1 spot Bitcoin ETF filing by WisdomTree indicates that the firm is still planning to launch a crypto live update and is in talks with the SEC regarding the opportunity.

Crypto Live Update in the United States

According to the crypto expert, X (formerly Twitter), all issuers were expected to file a Form S-1 to potentially launch their crypto ETF at some point. Eric Balchunas, another Bloomberg ETF expert, noticed that WisdomTree took “long enough” to amend its Form S-1 Bitcoin ETF filing. He asked “Please tell me the SEC isn’t waiting till all S-1s are updated before issuing a second round of comments.”

The crypto live update suggested that only two spot Bitcoin ETF filers out of 12 firms in the U.S. have yet to amend their S-1 filings with the SEC: Franklin Templeton and Global X. Franklin Templeton is awaiting its first spot Bitcoin ETF deadline on Nov. 17, while Hashdex’s deadline was previously also set for Nov. 17, but the SEC recently moved it to Jan. 1, 2024.

Global X, another firm that hasn’t amended its S-1 filing yet, is also awaiting its second spot Bitcoin ETF deadline on Nov. 21.

Bloomberg ETF analysts like Seyffart expect the SEC to do another round of delays on decisions regarding the upcoming crypto deadlines in the near future. However, Seyffart still believes the delays would not alter his perspective of the 90% likelihood of the SEC approving a spot Bitcoin ETF before the end of January 2024.