Exchange-traded fund (ETF) provider WisdomTree has amended its S-1 form spot Bitcoin ETF with the United States Securities and Exchange Commission (SEC).
A few months after the resubmission of WisdomTree’s spot Bitcoin ETF application in June 2023, which put forth a proposal for a regulation change to enable the listing and trading of shares of the WisdomTree Bitcoin Trust on the BZX Exchange by the Chicago Board Options Exchange (CBOE): the present update.
The amended prospectus specifies that Coinbase Custody Trust will retain all of the trust’s Bitcoin on its behalf and will trade the WisdomTree Bitcoin Trust ETF under the ticker symbol BTCW.
James Seyffart, an ETF analyst at Bloomberg, interprets WisdomTree’s updated S-1 form spot Bitcoin ETF filing as confirmation that the company intends to introduce an ETF and is in consultation with the SEC regarding the possibility.
“In anticipation that all issuers would be required to submit one of these to potentially launch their ETF at some point,” Merely an intermediate stage in the overall procedure. “Notingless Obligatory,” Seyffart remarked on X (previously Twitter).
Another Bloomberg ETF expert, Eric Balchunas, observed that WisdomTree required “sufficient time” to amend their S-1 form Bitcoin ETF filing. He further requested clarification on whether the SEC issued a second round of comments before completing all S-1 updates.
Seyffart’s data indicates that among the twelve firms that have filed for spot Bitcoin ETFs in the U.S., only two, Franklin Templeton and Global X, still need to amend their S-1 filings with the SEC.
Franklin Templeton, like Hashdex, is among the companies anticipating its initial spot Bitcoin ETF deadline on November 17. The SEC recently extended the deadline for Hashdex.
Another company that has not yet amended its S-1 filing is Global X, which has yet to meet the November 21 deadline for its second-place Bitcoin ETF.
Analysts at Bloomberg ETFs, including Seyffart, anticipate that the SEC will soon engage in another round of decision postponements concerning approaching deadlines.
Nevertheless, Seyffart maintains his conviction that the delays will not affect the 90% probability that the SEC will approve a spot Bitcoin ETF before the conclusion of January 2024.
