WisdomTree has become the latest company to seek approval from the Securities and Exchange Commission (SEC) for the launch of a much-awaited Bitcoin exchange-traded fund (ETF) in the United States.
The S-1 Form filed on Thursday with the regulator revealed WisdomTree’s intentions to list the shares of the Bitcoin ETF on Cboe’s bZx exchange under the ticker symbol BTCW.
The application was made by WisdomTree Bitcoin Trust, a Delaware Trust Company, which will act as the trustee of the fund, but it is yet to name a third-party custodian for the digital currencies.
Bitcoin ETF in 2021?
WisdomTree has joined three other companies: NYDIG, Valkyrie, and VanEck, whose applications to launch Bitcoin ETFs are already with the financial market regulator. However, only VanEck filed a Form 19b-4 that started the regulatory review process.
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The launch of a Bitcoin ETF was pushed by many companies for years. However, the market watchdog is reluctant to grant approval, citing risks. Though, it continues to accept applications.
WisdomTree earlier applied to the SEC for the approval of a commodity fund that will have 5 percent exposure to Bitcoin, which was deemed by many as a cautious approach to listing a Bitcoin fund.
Demand for Bitcoin skyrocketed over the years among both retail and institutional investors. The launch of an ETF is considered to be mainstreaming Bitcoin investments more as it will end the technical barrier for investing in the digital currency.
While the US is cautious, its neighbor Canada recently approved and listed its first Bitcoin ETF, which has become a massive hit among the investors.