WisdomTree Amends Spot Bitcoin ETF Prospectus; Analysts Anticipate January 2024 Approval
Summary:
WisdomTree, the international ETF provider, has lodged an amended prospectus with the U.S. Securities and Exchange Commission for its proposed spot Bitcoin ETF. This development follows the firm's re-submission of its Bitcoin ETF application in June 2023. The proposed Bitcoin Trust would list on the BZX Exchange and trade under the ticker BTCW, with Coinbase Custody Trust acting as custodian. Some companies, including Franklin Templeton and Global X, are yet to amend their S-1 filings, while several Bitcoin ETF deadlines are approaching. Despite potential delays, Bloomberg ETF analysts remain optimistic about a spot Bitcoin ETF approval by January 2024.
On November 16, WisdomTree, the global ETF (exchange-traded fund) issuer, lodged an amended prospectus with the United States Securities and Exchange Commission (SEC) for its proposed spot Bitcoin (BTC) ETF. This move comes a few months after WisdomTree's revisited submission of their Bitcoin ETF application in June 2023, aiming for a regulatory revision which would permit the BZX Exchange by the Chicago Board Options Exchange (CBOE) to list and trade stocks of the WisdomTree Bitcoin Trust. The corrected prospectus states that the ETF of the WisdomTree Bitcoin Trust will be traded under the ticker BTCW, with the Coinbase Custody Trust handling the role of custodian and taking responsibility for all the trust's Bitcoin.
James Seyffart, a Bloomberg ETF analyst, posits that WisdomTree's amended S-1 form filing indicates the company's ongoing intention to roll out an ETF, a projection which is still under discussion with the SEC. He remarks on X (Twitter's new name), noting that it was anticipated that every issuer would have to file one of these documents as a routine step, concluding that it doesn’t signify any critical development. Meanwhile, Eric Balchunas, another ETF specialist from Bloomberg, stated in reference to WisdomTree's amended filing, expressing hope that the SEC is not delaying any further comments until all S-1 filings are updated.
As per data provided by Seyffart, only two out of the total twelve companies who have submitted applications for spot Bitcoin ETFs in the U.S. are still to modify their S-1 filings with the SEC. They include Franklin Templeton and Global X. Franklin Templeton finds itself awaiting its initial spot Bitcoin ETF deadline on November 17, together with Hashdex. Recently, Hashdex's deadline was adjusted by the SEC. Global X, another entity that hasn't revised its S-1 submission yet, is getting ready for its second spot Bitcoin ETF deadline on November 21.
Despite Seyffart and other Bloomberg ETF analysts predicting that the SEC might defer decisions surrounding the upcoming deadlines, Seyffart remains confident that these postponements will not impact his 90% probability prediction of the SEC approving a spot Bitcoin ETF before the conclusion of January 2024.
Published At
11/17/2023 11:31:59 AM
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