Several United States asset managers have sought the US Securities and Exchange Commission\u2019s (SEC) blessing to start a spot Bitcoin exchange-traded fund (ETF). However, companies like WisdomTree, Grayscale, and One River Asset Management only received the SEC\u2019s rejection.<\/p>\n
However, the SEC\u2019s denial didn\u2019t deter WisdomTree as a June 21 Bloomberg report<\/a> revealed that the asset manager filed another application with the SEC to launch its spot BTC ETF. The firm\u2019s application comes a few days after BlackRock submitted its own, seeking approval for the same product.<\/p>\n WisdomTree Investments had previously proposed to launch a spot BTC ETF with the SEC in 2021.\u00a0However, the commission denied the company\u2019s application in December 2021 after a prolonged delay in taking action.\u00a0<\/p>\n Related Reading: Shiba Inu Breaks Through Crucial Resistance Point With 10% Climb<\/a><\/p>\n After the denial, WisdomTree, alongside One River<\/a>, made changes to its proposal and resubmitted it to the SEC. However, in March 2022, the commission announced<\/a> designating a longer period to decide on the proposed rule change.<\/p>\n It noted that it needed ample time to consider the proposed change, including the accompanying comments. One would have expected WisdomTree to surrender after the prolonged delay and denial, but the latest development suggests otherwise.\u00a0<\/p>\n The Tuesday filing disclosed that the asset manager\u2019s Bitcoin Trust would list on the Cboe BZX Exchange under the name BTCW if approved. <\/p>\n The SEC has previously refused to allow such Bitcoin-based investment products, rejecting or ignoring applications from firms such as Grayscale, One River, and VanEck.\u00a0<\/p>\n It 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. <\/p>\n Notably, the manager of the largest Bitcoin Trust fund, Grayscale, had applied with the SEC to convert its private spot Bitcoin trust to spot ETF.\u00a0But the commission rejected the move, enraging the firm to sue<\/a> it for denying the application.<\/p>\n Last week, US\u2019 leading asset manager BlackRock applied<\/a> for the SEC\u2019s approval to launch iShares Bitcoin Trust spot ETF. It appears that BlackRock\u2019s application restored hope among previous applicants.<\/p>\n Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence, said:\u00a0 BlackRock\u2019s spot BTC ETF filing \u201chas restored hope in approval thanks to the company\u2019s size, stature, and reputation.\u201d Interestingly, some Bitcoin proponents threw weights behind BlackRock\u2019s political affluence and power in the United States as an advantage.\u00a0<\/p>\n In a June 12 tweet<\/a>, a notable Bitcoin proponent, Paine, while cheering BlackRock, expressed optimism that the firm would receive the SEC\u2019s approval to launch its spot BTC ETF.\u00a0<\/p>\n Paine said: <\/p>\n BlackRock is probably the most politically powerful and connected entity in the United States. I bet this spot BTC ETF will be approved.<\/p>\n He also said the SEC\u2019s stalling the approval of other firms\u2019 applications was to ward off \u201cundeserving frontrunners\u201d and \u201clet the anointed [BlackRock] have their due.\u201d<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Several United States asset managers have sought the US Securities and Exchange Commission\u2019s (SEC) blessing to start a spot Bitcoin exchange-traded fund (ETF). However, companies like WisdomTree, Grayscale, and One River Asset Management only received the SEC\u2019s rejection.<\/p>\n However, the SEC\u2019s denial didn\u2019t deter WisdomTree as a June 21 Bloomberg report<\/a> revealed that the asset manager filed another application with the SEC to launch its spot BTC ETF. The firm\u2019s application comes a few days after BlackRock submitted its own, seeking approval for the same product.<\/p>\n WisdomTree Investments had previously proposed to launch a spot BTC ETF with the SEC in 2021.\u00a0However, the commission denied the company\u2019s application in December 2021 after a prolonged delay in taking action.\u00a0<\/p>\n Related Reading: Shiba Inu Breaks Through Crucial Resistance Point With 10% Climb<\/a><\/p>\n After the denial, WisdomTree, alongside One River<\/a>, made changes to its proposal and resubmitted it to the SEC. However, in March 2022, the commission announced<\/a> designating a longer period to decide on the proposed rule change.<\/p>\n It noted that it needed ample time to consider the proposed change, including the accompanying comments. One would have expected WisdomTree to surrender after the prolonged delay and denial, but the latest development suggests otherwise.\u00a0<\/p>\n The Tuesday filing disclosed that the asset manager\u2019s Bitcoin Trust would list on the Cboe BZX Exchange under the name BTCW if approved. <\/p>\n The SEC has previously refused to allow such Bitcoin-based investment products, rejecting or ignoring applications from firms such as Grayscale, One River, and VanEck.\u00a0<\/p>\n It 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. <\/p>\n Notably, the manager of the largest Bitcoin Trust fund, Grayscale, had applied with the SEC to convert its private spot Bitcoin trust to spot ETF.\u00a0But the commission rejected the move, enraging the firm to sue<\/a> it for denying the application.<\/p>\nWisdomTree Reapplies For Spot BTC ETF Approval Despite Previous Rejections<\/h2>\n
BlackRock Raises Hope In Spot BTC Approval<\/h2>\n
WisdomTree Reapplies For Spot BTC ETF Approval Despite Previous Rejections<\/h2>\n
BlackRock Raises Hope In Spot BTC Approval<\/h2>\n