Briefly

• WisdomTree submits a Bitcoin ETF application, citing BlackRock’s application as a game-changer.
• The most recent application from WisdomTree uses the CME CF Bitcoin settlement price to value shares.
• Analysts are skeptical, arguing that significant company filings are part of a larger takeover by Wall Street.

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A well-known provider of exchange-traded funds (ETFs) called WisdomTree is trying once more to get a spot Bitcoin fund in the United States approved. BlackRock’s filing may have changed the situation, despite previous rejections by the Securities and Exchange Commission.

On June 20, the asset manager filed a request for the WisdomTree Bitcoin Trust, which would trade on the Cboe BZX Exchange under the ticker BTCW.

Bitcoin ETF Fervor Back

ETF analysts James Seyffart and Eric Balchunas claim that the BlackRock filing:

Thanks to the size, stature, and reputation of the company, “has restored hope in approval.”

Balchunas tweeted on June 21 that “BlackRock breathed new life into the race.”

On June 15, the largest asset manager in the world submitted an application for a spot Bitcoin ETF. Industry analysts, however, remain skeptical. Several people suggested that it might be a way for the government and financial institutions to control cryptocurrency.

In 2021, WisdomTree was one of a number of asset managers that applied for spot crypto ETFs. However, the SEC has yet to approve any of them, so they have been met with rejections and procrastination.

The company plans to use the CME CF Bitcoin settlement price to value the shares each day in its most recent application. This rate is the sum of the trade flows from the major US Bitcoin spot exchanges.

Investor risks have previously been cited as a reason for rejection by the SEC, which is suing crypto exchanges left, right, and center at the moment.

However, futures funds have been approved by the regulator. These are not straightforwardly upheld by the resource but rather by prospects contracts on the CME.

Is Wall Street Taking Over Crypto?

Analysts are becoming increasingly cynical as these large corporate filings come amid a wider war on crypto in the United States.

“How can’t you think this entire past year was a giant inside job coordinated between the Wall Street parasites & government regulators so they could catch-up…”

ETF Store President Nate Geraci gave an inventory of spot bitcoin ETF filings since last Thursday. These included iShares, Bitwise, WisdomTree, and the fourth-largest ETF issuer Invesco.

“What changed recently? SEC has been on warpath against crypto. Something’s up.”