Bitcoin ETF Race Intensifies as WisdomTree and Invesco Both File Submissions Within 24 Hours Joining BlackRock
The competition to launch a spot Bitcoin exchange-traded fund (ETF) in the US has intensified, with Invesco and WisdomTree filing submissions with the Securities and Exchange Commission for their own Bitcoin ETFs.
On Tuesday, WisdomTree filed for the WisdomTree Bitcoin Trust, requesting the SEC to allow it to list its fund on the Cboe BZX Exchange under the ticker “BTCW.”
The asset management firm, with $83 billion in assets under management (AUM), has previously applied for a spot Bitcoin ETF twice.
Its first application was rejected by the SEC in December 2021. Its second application was rejected once again in October 2022, with the financial regulator citing similar concerns of fraud and market manipulation.
To address these concerns, Cboe has entered into a “surveillance-sharing” agreement with a spot Bitcoin (BTC) platform.
Likewise, Invesco submitted its application for the Invesco Galaxy Bitcoin ETF hours after the filing by WisdomTree.
