New York-based asset supervisor WisdomTree has filed for a Bitcoin exchange-traded fund, or ETF, with the U.S. Securities and Change Fee.
The agency submitted its filing on March 11. It states the WisdomTree Bitcoin Belief would commerce on Chicago Board Choices Change’s BZX platform beneath the ticker BTCW. The belief would supply a regulated means for traders to achieve publicity to the value of Bitcoin, and permit speculators to execute trades by their brokers.
Contracts can be settled in accordance with Chicago Mercantile Change’s “CF Bitcoin US Settlement Price,” a worth index that tracks the value primarily based on main BTC spot exchanges.
The proposed ETF just isn’t WisdomTree’s first foray into crypto, with the agency at present managing a number one institutional ETH fund.
In June 2020, WisdomTree filed for an ETF that will make investments as much as 5% of capital into BTC futures contracts, regardless of the fund being primarily targeted on power, agriculture, and metals. In December 2019, the agency launched a physically-backed Bitcoin exchange-traded product that was listed on the SIX Swiss Change.
WisdomTree just isn’t alone in searching for SEC approval for a Bitcoin ETF. Final month, crypto-focused monetary providers agency NYDIG filed for a Bitcoin ETF, with prime U.S. funding financial institution Morgan Stanley among the many proposed fund’s approved individuals
Main exchange-traded product-issuer VanEck filed for its personal BTC fund in January, along with an ETF monitoring the efficiency of main crypto companies. Texas-based Valkyrie Digital Property additionally filed for a Bitcoin ETF that very same month.
Nevertheless, VanEck’s bid for ETF approval could also be impacted by an ongoing lawsuit from its former accomplice, blockchain tech agency SolidX — with the corporate accusing VanEck of plagiarizing a product the 2 companies labored on collectively throughout 2018 and 2019.