WisdomTree, a global exchange-traded fund (ETF) provider, has taken another step towards launching a spot Bitcoin ETF by filing an amended Form S-1 prospectus with the United States Securities and Exchange Commission (SEC) on November 16, 2023.
This move follows WisdomTree’s initial refiling of its spot Bitcoin ETF application in June 2023, where it proposed a rule change to list and trade shares of the WisdomTree Bitcoin Trust on the BZX Exchange, facilitated by the Chicago Board Options Exchange (CBOE).
The newly updated prospectus reveals that the WisdomTree Bitcoin Trust ETF plans to trade under the ticker symbol BTCW, with Coinbase Custody Trust acting as the custodian responsible for holding all the trust’s Bitcoin assets.
Bloomberg ETF analyst James Seyffart noted that this amended filing signals WisdomTree’s continued commitment to launching a Bitcoin ETF and suggests ongoing discussions with the SEC.
Seyffart emphasized that this step is part of the process and not a critical development.
Eric Balchunas, another Bloomberg ETF expert, expressed concerns about the time it took for WisdomTree to amend its Form S-1 Bitcoin ETF filing.
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He questioned whether the SEC was waiting for all S-1 filings to be updated before issuing a second round of comments.
Seyffart’s data revealed that among the 12 firms in the U.S. that have submitted spot Bitcoin ETF filings, only two have yet to amend their S-1 filings with the SEC: Franklin Templeton and Global X.
Franklin Templeton’s initial spot Bitcoin ETF deadline was set for November 17, but the SEC postponed it to January 1, 2024. Hashdex, which faced a similar deadline, also had its deadline moved to January 1, 2024, on November 15.
Global X, another firm that has not updated its S-1 filing, is awaiting its second spot Bitcoin ETF deadline on November 21.
While some expect the SEC to announce further delays in its decisions regarding upcoming deadlines, Seyffart maintains his belief that these delays will not significantly impact the high probability—90%—of the SEC approving a spot Bitcoin ETF before the end of January 2024.
The ETF industry continues to closely monitor these developments as the quest for a spot Bitcoin ETF in the U.S. unfolds.
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