WisdomTree, the asset management firm, has resubmitted its revised prospectus (S-1 filing) for a spot Bitcoin Exchange Traded Fund (ETF) to the U.S. Securities and Exchange Commission (SEC). This resubmission is a crucial step in the process that all issuers of Exchange Traded Products must undergo before the launch of their spot Bitcoin ETFs.
WisdomTree’s Determination for Spot Bitcoin ETF
Bloomberg ETF analyst James Seyffart share via X post, WisdomTree remains committed to launching a spot Bitcoin ETF and is actively engaged in discussions with the SEC. The resubmission of the S-1 filing reflects the ongoing efforts and dialogue between WisdomTree and the regulatory body.
Seyffart clarified the nature of the S-1/Prospectus amendment, stating:
This just means WisdomTree is still planning to launch an ETF and is in talks with the SEC’s corp fin division. All issuers were expected to file one of these to potentially launch their ETF at some point. Just a step in the process. Nothing critical.
The custodian for WisdomTree’s spot Bitcoin ETF product is Coinbase, a leading cryptocurrency exchange. Additionally, the benchmark for the ETF is the CME CF Bitcoin Reference Rate – New York Variant, according to insights provided by Bloomberg analyst Henry Jim.
WisdomTree’s engagement with the SEC involves four key filings, according to Jim, indicating the comprehensive approach taken by the asset management company in navigating the regulatory landscape.
Market participants are currently on the edge of their seats, eagerly awaiting the SEC’s decision on Franklin Templeton’s Bitcoin ETF application. The deadline for this decision is November 17, adding a sense of urgency and anticipation to the crypto investment community. Notably, the regulator has opted to defer decisions on applications from Hashdex and Grayscale, pushing their potential approval or rejection to 2024.
As the crypto industry continues to seek legitimacy and acceptance within traditional financial markets, the ongoing developments surrounding WisdomTree’s spot Bitcoin ETF serve as a barometer for the evolving relationship between cryptocurrency and regulatory bodies.
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