The New York-based exchange-traded fund giant WisdomTree Investments has recently filed paperwork on a preparatory brochure with the SEC for Bitcoin ETF. Digital Commodity Services, a subsidiary of the ETF giant, is preparing to launch the Bitcoin ETF. Moreover, WisdomTree has now joined companies including NYDIG, Valkyrie, and VanEck seeking permission to launch Bitcoin ETFs in the U.S.
WisdomTree Files for Bitcoin ETF
WisdomTree has recently become one of the many companies to apply for an exchange-traded fund by filing an S-1 Form with the Securities and Exchange Commission of the U.S. The ETF giant has filed with the SEC intending to list its shares of the exchange-traded fund on the BZX exchange of Cboe.
Apart from this, Grayscale is also planning to either apply for a brand new Bitcoin ETF or converting the existing Grayscale Bitcoin Trust into an ETF as the trusted authority on digital currency investing is looking forward to hiring nine ETF experts. However, the digital asset investment company refused to confirm whether it is working on an ETF.
Also, WisdomTree previously applied for an exchange-traded fund in June 2020 that would be investing about 5% of its total assets into the bitcoin futures contracts.
In addition to this, the ETF is intended to issue common shares listed on the Cboe BZX Exchange Inc. and trade under the ticker symbol BTCW.
The Objective of the Prospectus
The major objective of the WisdomTree Bitcoin Trust is to gain decent exposure to the costs of BTC, fewer tariffs, and liabilities of the operations of the trust.
The Prospectus states:
“Barring a liquidation or extraordinary circumstances, the trust does not currently intend to purchase or sell bitcoin directly.”
The news of the investment firm applying for a Bitcoin ETF comes after the massive surge in the price of BTC, as the largest cryptocurrency is currently trading at $56,725 and is about to challenge its previous all-time high records.