WisdomTree, a global ETF provider, updated its Form S-1 for a Bitcoin ETF with the SEC on November 16, following its refiled application in June 2023 to list the WisdomTree Bitcoin Trust on the BZX Exchange. The amended prospectus confirms that the WisdomTree Bitcoin Trust ETF will trade as BTCW, with Coinbase Custody Trust as its custodian, holding all Bitcoin on behalf of the trust.
Bloomberg’s ETF analyst, James Seyffart, noted that this update indicates WisdomTree’s pursuit of launching the crypto ETF and ongoing discussions with the SEC.
Seyffart highlighted that such filings are expected in the process and aren’t critical stages, as shared on X (formerly Twitter). In the meantime, Eric Balchunas, a Bloomberg representative, voiced astonishment regarding the time WisdomTree took to revise its filing, expressing a wish that the SEC wouldn’t delay further comments while waiting for all filings to be updated.
Currently, only Franklin Templeton and Global X, among the 12 U.S. firms, have yet to amend their S-1 filings. Franklin Templeton faces its first deadline on November 17, while Global X awaits its second deadline on November 21. The SEC extended Hashdex’s original November 17 deadline to January 1, 2024.
There’s anticipation among Bloomberg’s ETF analysts, including Seyffart, for potential SEC delays on decisions related to upcoming deadlines. Despite this, Seyffart maintains a 90% likelihood of the SEC approving a spot Bitcoin ETF by January 2024, believing these delays won’t significantly change that outlook.
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