Blackrock’s Bitcoin ETF Sparks Optimism, Triggers Wave of Filings

WisdomTree seeks to list Bitcoin ETF on Cboe BZX

WisdomTree, an asset management fund based in New York, is the most recent investment company to file for a spot Bitcoin ETF. WisdomTree requested permission from the Securities and Exchange Commission (SEC) to list its “WisdomTree Bitcoin Trust” on the Cboe BZX Exchange under the ticker “BTCW,” according to a filing with the SEC.

WisdomTree has applied twice before for a spot Bitcoin ETF. In December 2021, the SEC rejected its initial application. In October 2022, the financial regulator turned down the second application, citing similar concerns about market manipulation and fraud. WisdomTree is in charge of assets worth approximately $83 billion at the time of publication.

BlackRock seeks to enter into a surveillance sharing agreement with Chicago Mercantile Exchange

The fact that BlackRock intends to enter into a “surveillance sharing agreement” with the Chicago Mercantile Exchange (CME) futures markets is one of the main differences from its most recent SEC filing. The proposal from BlackRock cites the SEC’s approval of an investment advisory firm called Teucrium’s Bitcoin futures fund. The CME “comprehends futures market conditions and price movements on a real time and ongoing basis in order to detect and prevent price distortions, including price distortions caused by manipulative efforts,” according to that ruling. This is also reflected in WisdomTree’s filing, which states that it is willing to sign a similar agreement with “an operator of a US-based spot trading platform for Bitcoin.”

Invesco requested that the SEC permit the listing of its “Invesco Galaxy Bitcoin ETF” product on the Cboe BZX exchange, according to the 19b-4 document, which informs the SEC of a proposed rule change. The documenting noticed that a spot Bitcoin ETF which utilizes “proficient caretakers and other specialist co-ops,” eliminates the requirement for financial backers to depend on “inexactly directed seaward vehicles” thusly, taking into consideration financial backers to all the more promptly “safeguard their primary interests in Bitcoin.”

In response to his own tweet regarding the WisdomTree filing, Bloomberg senior ETF analyst Eric Balchunas stated that “BlackRock breathed new life into the race” despite the fact that the SEC has yet to approve a single spot Bitcoin ETF product.

Additionally, Balchunas mentioned that the investment company BlackRock has a “575-1” record of getting ETFs approved by the regulator, which suggests that crypto investors may have good reasons to be optimistic regarding BlackRock’s move.

Fidelity Investments may buy Grasyscale’s bitcoin ETF – Abacus

Arch Public co-founder AP_Abacus tweeted that Fidelity Investments, which manages approximately $4.9 trillion in assets, might look into filing for its own spot as a Bitcoin ETF. Abacus, on the other hand, mentions that the investment company might offer to buy Grasyscale’s GBTC ETF product.