WisdomTree Investments files for Bitcoin ETF, joining Blackrock.

Several US asset managers have sought approval from the US Securities and Exchange Commission (SEC) to launch a spot Bitcoin exchange-traded fund (ETF). However, companies like WisdomTree, Grayscale, and One River Asset Management have only received rejections from the SEC.

Despite the SEC’s denial, WisdomTree has filed another application with the SEC to launch its spot BTC ETF, as revealed in a June 21 Bloomberg report. The firm’s application comes just a few days after BlackRock submitted its own application, seeking approval for the same product.

WisdomTree Reapplies For Spot BTC ETF Approval Despite Previous Rejections

WisdomTree Investments had previously proposed to launch a spot BTC ETF with the SEC in 2021. However, the commission denied the company’s application in December 2021 after a prolonged delay in taking action.

After the denial, WisdomTree, alongside One River, made changes to its proposal and resubmitted it to the SEC. However, in March 2022, the commission announced it would take a longer period to decide on the proposed rule change.

The SEC has previously refused to allow Bitcoin-based investment products, rejecting or ignoring applications from firms such as Grayscale, One River, and VanEck. The commission cited fraud and BTC spot market manipulation as reasons for not approving the spot-based BTC ETFs. Instead, the SEC allowed futures-based BTC ETFs.

Notably, Grayscale, the manager of the largest Bitcoin Trust fund, had applied with the SEC to convert its private spot Bitcoin trust to a spot ETF. However, the commission rejected the move, leading the firm to sue it for denying the application.

BlackRock Raises Hope In Spot BTC Approval

Last week, BlackRock, the leading US asset manager, applied for the SEC’s approval to launch iShares Bitcoin Trust spot ETF. It appears that BlackRock’s application has restored hope among previous applicants.

Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence, said that BlackRock’s spot BTC ETF filing “has restored hope in approval thanks to the company’s size, stature, and reputation.” Some Bitcoin proponents have thrown their weight behind BlackRock’s political affluence and power in the United States as an advantage.

In a June 12 tweet, a notable Bitcoin proponent, Paine, cheered BlackRock and expressed optimism that the firm would receive the SEC’s approval to launch its spot BTC ETF.

Paine said:

“BlackRock is probably the most politically powerful and connected entity in the United States. I bet this spot BTC ETF will be approved.”

He also said the SEC’s stalling the approval of other firms’ applications was to ward off “undeserving frontrunners” and “let the anointed [BlackRock] have their due.”

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