WisdomTree has applied for a Bitcoin ETF after BlackRock.
WisdomTree, one of the leading mutual funds, has applied for a Bitcoin ETF after BlackRock. However, the mutual fund received a positive response from the crypto community.
WisdomTree Files For Bitcoin ETF After BlackRock
WisdomTree, a leading exchange-traded fund (ETF) provider, has been found to launch the WisdomTree Bitcoin Trust to be listed on the Cboe BZX Exchange. This application comes after BlackRock recently submitted an application for a spot bitcoin ETF.
In its application, WisdomTree detailed the investment objectives of the ETF, its strategies for Bitcoin price exposure, and its operational costs and liabilities. WisdomTree aims to evaluate stocks on a daily basis and will use the CF Bitcoin US Settlement Price, which will track the flow of trades from major Bitcoin spot exchanges.
WisdomTree’s approach includes executing “in-kind” transactions between Authorized Participants. However, it allows them to hand over or facilitate the delivery of Bitcoin to the National Association, the US Bank in charge of the Trust.
The Securities and Exchange Commission (SEC) has approved Bitcoin futures ETFs, while previously rejecting applications for spot Bitcoin ETFs. The submissions by BlackRock and WisdomTree reflect the industry’s desire to have dominant bitcoin usage by offering investors the opportunity to participate in the bitcoin market through regulated options.
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