Update on WisdomTree's Bitcoin ETF Application
The global exchange-traded fund (ETF) provider WisdomTree has filed an amended S-1 form spot Bitcoin (BTC) ETF prospectus with the United States Securities and Exchange Commission (SEC) on Nov. 16. This update comes a few months after WisdomTree 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 Chicago Board Options Exchange (CBOE).
Trading Symbol and Custodian
The amended prospectus reveals that the WisdomTree Bitcoin Trust ETF will trade under the ticker symbol BTCW. Coinbase Custody Trust will serve as the custodian and hold all of the trust's Bitcoin on its behalf.
WisdomTree's Plans and Discussions with the SEC
According to Bloomberg ETF analyst James Seyffart, the updated S-1 form spot Bitcoin ETF filing by WisdomTree indicates that the firm is still planning to launch an ETF and is in discussions with the SEC. This filing is a necessary step in the process and not considered critical at this stage.
Delays and Deadlines
Eric Balchunas, another Bloomberg ETF expert, expressed his concern over the time it took WisdomTree to amend their S-1 form Bitcoin ETF filing. He hopes that the SEC is not waiting for all S-1 filings to be updated before issuing a second round of comments.
According to Seyffart's data, only two spot Bitcoin ETF filers out of the total 12 firms that have filed for such a product in the U.S. are yet to amend their S-1 filings with the SEC. These firms are Franklin Templeton and Global X.
Franklin Templeton and Hashdex are awaiting their first spot Bitcoin ETF deadline on Nov. 17, while Global X is awaiting its second spot Bitcoin ETF deadline on Nov. 21.
Expectations for SEC Decisions
Bloomberg ETF analysts like Seyffart anticipate that the SEC will further delay decisions regarding the upcoming deadlines. However, Seyffart maintains his belief that there is a 90% likelihood of the SEC approving a spot Bitcoin ETF before the end of January 2024.
