WisdomTree Investments, one of the biggest asset managers in the US, followed the Blackrock path and filed an application for a Bitcoin ETF, just a week after Blackrock’s ETF application went public.
‘WisdomTree Bitcoin Trust’ is an exchange-traded fund that the firm filed an application with the US Securities and Exchanges Commission (SEC).
It’s fascinating to note that just two weeks after the SEC sued Coinbase and Binance, the top two cryptocurrency exchanges by market share, established US financial institutions are beginning to show interest in cryptocurrencies.
Moreover, Blackrock will keep working with Coinbase by utilising its custody service and spot market information for its ETF service.
The Blackrock Bitcoin ETF may be in an excellent spot to attract institutional investors to the cryptocurrency market as soon as it is established.
According to the firm, it wants to use its Bitcoin Trust to increase exposure to the Bitcoin price while keeping expenses to a minimum.
As per the firm’s SEC filing, the Trust will hold Bitcoin to fulfill this objective. Additionally, A separate pricing source will also be used by the WisdomTree Bitcoin ETF to value its Bitcoin.
The SEC’s denial of Grayscale’s application for a spot Bitcoin ETF has been the subject of legal disputes at present time.
