WisdomTree’s Bitcoin ETF filing joins hopefuls vying for approval

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New York-based asset supervisor WisdomTree has filed for a Bitcoin exchange-traded fund, or ETF, with the U.S. Securities and Trade Fee.

The agency submitted its filing on March 11. It states the WisdomTree Bitcoin Belief would commerce on Chicago Board Choices Trade’s BZX platform underneath the ticker BTCW. The belief would provide a regulated approach for buyers to realize publicity to the value of Bitcoin, and permit speculators to execute trades by their brokers.

Contracts could be settled based on Chicago Mercantile Trade’s “CF Bitcoin US Settlement Value,” a worth index that tracks the value based mostly on main BTC spot exchanges.

The proposed ETF will not be WisdomTree’s first foray into crypto, with the agency presently managing a leading institutional ETH fund.

In June 2020, WisdomTree filed for an ETF that may make investments up to 5% of capital into BTC futures contracts, regardless of the fund being primarily targeted on vitality, agriculture, and metals. In December 2019, the agency launched a physically-backed Bitcoin exchange-traded product that was listed on the SIX Swiss Trade.

WisdomTree will not be alone in searching for SEC approval for a Bitcoin ETF. Final month, crypto-focused monetary companies agency NYDIG filed for a Bitcoin ETF, with top U.S. investment bank Morgan Stanley among the many proposed fund’s approved members

Main exchange-traded product-issuer VanEck filed for its own BTC fund in January, along with an ETF monitoring the efficiency of main crypto companies. Texas-based Valkyrie Digital Assets additionally filed for a Bitcoin ETF that very same month.

Nevertheless, VanEck’s bid for ETF approval could also be impacted by an ongoing lawsuit from its former accomplice, blockchain tech agency SolidX — with the corporate accusing VanEck of plagiarizing a product the 2 companies labored on collectively throughout 2018 and 2019.