WisdomTree Files an Amended S-1 Form for Bitcoin ETF
On November 16, WisdomTree, a global ETF provider, submitted an amended S-1 form for a Bitcoin ETF with the SEC. This update follows the refiled application in June 2023, proposing to list and trade shares of the WisdomTree Bitcoin Trust on the BZX Exchange by CBOE.
The new prospectus states that the WisdomTree Bitcoin Trust ETF will be traded under the ticker symbol BTCW, with Coinbase Custody Trust serving as the custodian. Bloomberg ETF analyst James Seyffart sees this as a sign that WisdomTree is still planning to launch an ETF and is discussing the opportunity with the SEC.
Eric Balchunas, another Bloomberg ETF expert, expressed concern about the time it took for WisdomTree to amend their S-1 form filing. He hopes the SEC isn’t waiting for all S-1s to be updated before issuing a second round of comments.
Spot Bitcoin ETF Filers and Upcoming Deadlines
According to Seyffart’s data, only two spot Bitcoin ETF filers out of total 12 firms that have filed for such a product in the U.S. are yet to amend their S-1 filings with the SEC, including Franklin Templeton and Global X.
Franklin Templeton is among the firms awaiting its first spot Bitcoin ETF deadline on Nov. 17 alongside Hashdex, whose deadline was moved by the SEC a few days ago. Global X is also awaiting its second spot Bitcoin ETF deadline on Nov. 21.
Predictions and Expectations
Bloomberg ETF analysts like Seyffart expect the SEC to do another round of delays on decisions regarding upcoming deadlines soon. However, Seyffart still believes there is a 90% likelihood of the SEC approving a spot Bitcoin ETF before January 2024.
Hot Take: The Future of Spot Bitcoin ETFs
The future of spot Bitcoin ETFs appears promising as more firms file applications and await deadlines. While delays are expected, industry experts like Seyffart remain optimistic about the eventual approval of these products by the SEC.
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