WisdomTree Files Amended Spot Bitcoin ETF Application


Following in the footprints of its counterparts, New York-headquartered asset manager WisdomTree has filed an amendment of its spot Bitcoin Exchange Traded Fund (ETF) to the U.S. Securities and Exchange Commission (SEC). This marks a significant move for the Jonathan Steinberg-led ETF provider in its race for a spot Bitcoin ETF approval. 

It indicates that WisdomTree is in close communication with the regulator, particularly, its Corporate Finance Division. 

WisdomTree’s Spot BTC Application Under Review 

According to the official website of the SEC, this Division “selectively reviews company securities filings through its filing review process to monitor and to enhance compliance with disclosure and accounting requirements.”

Bloomberg ETF analyst James Seyffart stated that filing for an amendment is an essential routine step. The steep competition for first-mover advantage also necessitates the amendment seeing that WisdomTree is not the only applicant for spot BTC ETF. A number of amendments have already been submitted to the United States SEC by other applicants.

Applicants Resubmit Multiple Amended Applications 

Last month, VanEck filed an amended spot Bitcoin ETF application with the SEC where it stated that a seed capital investor acquired Seed Creation Baskets comprising 50,000 shares of the proposed ETF. Bitwise also resubmitted an amended application which took into cognizance all of the queries and feedback provided by the regulator. 

Making these amendments have not restricted the SEC from choosing to delay its decision on the applications. In September, the watchdog postponed the decision on WisdomTree’s spot Bitcoin ETF proposal. A total of seven proposals including Invesco Galaxy, Valkyrie, VanEck, Bitwise Asset Management, BlackRock, and Fidelity were also moved forward. 

In a matter of a few weeks, Valkyrie and ARK Investment Management-21Shares received a notification from the SEC stating that it needed ample time to make a decision. As a result, a decision is not to be expected until January 10. 

Crypto Community Expect an Approval 

All fingers remain crossed in anticipation for the decision although many experts and analysts are confident that the SEC would give a favorable response to the applications this time around. Mike Novogratz, Galaxy Digital CEO believes that an approval for spot Bitcoin ETF is within reach

Eric Balchunas and James Seyffart have predicted that there is a 90% probability that the SEC will approve the applications.

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