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WisdomTree amends S-1 kind spot Bitcoin ETF submitting as crypto crowd awaits SEC choices

17 Nov 2023
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The worldwide exchange-traded fund (ETF) supplier WisdomTree filed an amended S-1 kind spot Bitcoin (BTC) ETF prospectus with the US Securities and Trade Fee (SEC) on Nov. 16.

The replace comes a number of months after WisdomTree refiled its spot Bitcoin ETF utility in June 2023, proposing a rule change to record and commerce shares of the WisdomTree Bitcoin Belief on the BZX Trade by Chicago Board Choices Trade (CBOE).

The amended prospectus mentions that the WisdomTree Bitcoin Belief ETF will commerce underneath a ticker image BTCW, with Coinbase Custody Belief serving because the custodian and can maintain all the belief’s Bitcoin on its behalf.

In accordance with Bloomberg ETF analyst James Seyffart, the up to date S-1 kind spot Bitcoin ETF submitting by WisdomTree implies that the agency remains to be planning to launch an ETF and is discussing the chance with the SEC.

“All issuers had been anticipated to should file one in every of these to be able to doubtlessly launch their ETF in some unspecified time in the future. Only a step within the course of. Nothing vital,” Seyffart wrote on X (previously Twitter).

Eric Balchunas, one other Bloomberg ETF knowledgeable, noticed that WisdomTree took “lengthy sufficient” to amend their S-1 kind Bitcoin ETF submitting. “Please inform me the SEC isn’t ready until all S-1s are up to date earlier than issuing a second spherical of feedback,” he added.

Associated: First deadline window looms for SEC to approve Bitcoin ETFs: Law Decoded

In accordance with Seyffart’s information, solely two spot Bitcoin ETF filers out of whole 12 corporations which have filed for such a product within the U.S. are but to amend their S-1 filings with the SEC, together with Franklin Templeton and World X.

Franklin Templeton is among the many corporations awaiting its first spot Bitcoin ETF deadline on Nov. 17 alongside Hashdex, whose deadline was moved by the SEC a number of days in the past.

World X, one other agency that hasn’t amended its S-1 submitting but, can be awaiting its second spot Bitcoin ETF deadline on Nov. 21.

Bloomberg ETF analysts like Seyffart expect the SEC to do one other spherical of delays on choices concerning the upcoming deadlines within the close to future. Nonetheless, Seyffart nonetheless believes the delays wouldn’t alter his perspective of the 90% chance of the SEC approving a spot Bitcoin ETF earlier than the top of January 2024.

Journal: Crypto regulation — Does SEC Chair Gary Gensler have the final say?