Bitcoin ETF Race Intensifies as WisdomTree and Invesco Both File Submissions Within 24 Hours Joining BlackRock
The competition to launch a spot bitcoin exchange-traded fund (ETF) in the US has intensified with Invesco and WisdomTree filing submissions with the Securities and Exchange Commission for their own bitcoin ETFs.
On Tuesday, WisdomTree filed for the WisdomTree Bitcoin Trust, requesting the SEC to allow it to list its fund on the Cboe BZX Exchange under the ticker “BTCW.”
The asset management firm, with $83 billion in assets under management, had previously applied for a spot Bitcoin ETF twice.
Its first application was rejected by the SEC in December 2021. Its second application was rejected once again in October 2022, with the financial regulator citing similar concerns of fraud and market manipulation.
To address these concerns, Cboe has entered into a "surveillance-sharing" agreement with a spot bitcoin (BTC) platform.
Likewise, Invesco submitted its application for the Invesco Galaxy Bitcoin ETF hours after the filing by WisdomTree.
In its 19b-4 document, which informs the SEC of a proposed rule change, Invesco requested that the financial regulator allow its “Invesco Galaxy Bitcoin ETF” product to be listed on the Cboe BZX exchange.
The filing notes that a spot Bitcoin ETF which uses “professional custodians and other service providers,” removes the need for investors to rely on “loosely regulated offshore vehicles” in turn, allowing for investors to more readily “protect their principal investments in Bitcoin.”
The moves follow BlackRock's surprise submission for a spot bitcoin ETF on June 15.
The SEC has presently authorized only bitcoin ETFs tied to US-traded futures.
The commission has consistently cited inadequate cross-exchange market surveillance as one reason why it has not yet approved a bitcoin spot ETF.
Howeve
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