WisdomTree, a leading provider of exchange-traded funds (ETFs) and exchange-traded securities (ETNs), recently filed a Bitcoin Spot ETF with the U.S. Securities and Exchange Commission (SEC).
The application comes after BlackRock, the world's largest asset manager, filed a similar application on June 16, 2023.
The Bitcoin Spot ETF is a type of investment product that directly tracks the BTC price, rather than futures contracts or other derivatives. This means that the ETF will keep real Bitcoin under surveillance and give investors exposure without having to buy, store or manage BTC.
WisdomTree currently offers a Bitcoin ETN with over 164 million euros in managed assets, launched in Europe in November 2019. ETN is physically backed by Bitcoin and has an annual total expense ratio of 0.95%. The ETN in question is listed on various exchanges, including Börse Frankfurt.
However, WisdomTree faced several challenges in bringing a Bitcoin ETF to the US market. The firm previously filed for two Bitcoin futures ETFs in 2020 and 2021, but both applications were withdrawn due to regulatory uncertainty and failure to obtain approval from the SEC. The SEC has yet to approve any Bitcoin ETFs in the US, despite receiving dozens of offers from various issuers.
*Not investment advice.
