Spot Bitcoin ETF Has Renewed Optimism, And Sparked Waves Of New Filings


Two investment managers, Invesco and WisdomTree, have recently filed for the top spot Bitcoin ETFs, as they lay hot on the trails of BlackRock. This move does follow the colossus BlackRock’s move to create a similar application for its own spot ETF for Bitcoin on 15th June. WisdomTree, an asset management company based in New York, has been the most recent investment firm to lodge a new filing for the ETF. According to a filing on 21st June to the United States Securities and Exchange Commission, the investment firm requested that the SEC be allowed to list it as a WisdomTree Bitcoin Trust on the Cboe BZX Exchange under the ticker of BTCW. 

Two Investment Firms Have Applied For Spot Bitcoin ETF

When WisdomTree had initially applied for a spot Bitcoin ETF, it was rejected by the SEC back in December 2021. The second application was also rejected in October 2022, with the financial regulator going on to cite similar concerns of fraud and manipulation of the market. Currently, WisdomTree has been overseeing around $83 billion in assets.

One of the major differences with the recent filing of BlackRock to the SEC is that it has intentions of entering into a surveillance-sharing agreement with the Chicago Mercantile Exchange futures markets. The proposal from BlackRock has cited the approval of the SEC of a Bitcoin futures fund by Teucrium, an investment advisory firm. 

Later, according to the 19b-4 document, Invesco also required that the financial regulator allow its Invesco Galaxy Spot Bitcoin ETF be listed on the CBOE BZx exchange. The filing has noted that a spot ETF, which uses professional custodians and other service providers would remove the need for investors to rely on loosely regulated offshore vehicles.