WisdomTree Files For Bitcoin ETF

Shortly after the news emerged about BlackRock filing an ETF application, WisdomTree Investments, a prominent asset manager in the US, has also joined in. They have submitted an application for the 'WisdomTree Bitcoin Trust', an exchange-traded fund, to the US Securities and Exchange Commission (SEC). It is noteworthy that established financial institutions in the US are displaying interest in cryptocurrencies, despite the recent lawsuits filed by the SEC against Coinbase and Binance, the leading crypto exchanges in terms of market share.

BlackRock plans to maintain its collaboration with Coinbase, leveraging its custody service and spot market data for its ETF offering. Once launched, the BlackRock Bitcoin ETF could potentially attract institutional investors, positioning itself as a frontrunner in bringing them into the cryptocurrency market.

WisdomTree Bitcoin ETF

According to its recent SEC filing, the company expressed its intention to seek exposure to Bitcoin's price through its Bitcoin Trust while keeping expenses at a minimum. To achieve this objective, the Trust will hold Bitcoin, as stated by the company. Additionally, the WisdomTree Bitcoin ETF will rely on an independent pricing source to determine the value of its Bitcoin holdings.

Meanwhile, Grayscale has been engaged in a legal battle regarding the SEC's rejection of its spot Bitcoin ETF application.