International ETF provider WisdomTree has submitted a revised Form S-1 for its Bitcoin ETF prospectus to the United States Securities and Exchange Commission (SEC) on Nov. 16.
This update follows WisdomTree’s resubmission of its spot Bitcoin ETF application in June 2023.
Ongoing intentions
The WisdomTree Bitcoin Trust ETF will be traded under the ticker BTCW in the revised prospectus. The custodial responsibility for safeguarding all of the trust’s Bitcoin assets will be entrusted to Coinbase Custody Trust.
Bloomberg’s ETF analyst, James Seyffart, highlighted that the recent adjustments in the Form S-1 filing for the spot Bitcoin ETF by WisdomTree indicate the firm’s ongoing intentions to introduce an ETF and indicate that the firm is still in talks with the corporate finance division, a normal step in the process.
Further delays
At the same time, Mike Belshe, the CEO of BitGo, has expressed his view on the future of Bitcoin ETFs, stating while there is growing anticipation in the market for the approval of a spot Bitcoin ETF, Belshe suggests that the industry might face further delays.
According to Belshe, the SEC will likely continue rejecting proposals for such ETFs in the near term. This perspective comes amid ongoing discussions and unresolved issues within the regulatory framework surrounding cryptocurrency ETFs.
Therefore, while a refilling has stirred up some excitement, the viewpoints of the BitGo CEO, among others, suggest there are a few ways to go before the first round of Bitcoin ETFs go live.
