WisdomTree’s Expansion Into New York
WisdomTree, a spot Bitcoin ETF issuer, is reportedly working with the New York State Department of Financial Services (NYDFS) to offer crypto-related products and services to its customers in New York. While no official announcement has been made, sources familiar with the matter claim that NYDFS is close to approving a Limited Purpose Trust Charter for WisdomTree.
Growing Competition Among Spot Bitcoin ETF Issuers
Meanwhile, other spot Bitcoin ETF issuers are focused on increasing their trading volume. Grayscale GBTC leads the market with $338 million in trading volume, followed by BlackRock’s IBIT with $233.4 million. Fidelity’s FBTC ranks third with $176.4 million. WisdomTree’s BTCW has a lower trading volume compared to its competitors.
Implications of Expansion into New York
If approved, WisdomTree will join Coinbase, Fidelity Digital Assets, and seven other firms in offering digital asset services under the Limited Purpose Trust Charter. This expansion into New York could potentially boost WisdomTree’s adoption and trading volume.
Conclusion: The Growing Landscape of Spot Bitcoin ETFs
The spot Bitcoin ETF landscape continues to grow, with total net inflows reaching $1.06 billion and over 100,000 BTC in assets under management (AUM). Despite outflows from Grayscale, the overall market for spot Bitcoin ETFs shows promising growth.
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