WisdomTree and Invesco have filed for spot Bitcoin ETFs in the United States after BlackRock made a similar application on June 15. WisdomTree’s recent filing with the Securities and Exchange Commission (SEC) requested approval to list its “WisdomTree Bitcoin Trust” on the Cboe BZX Exchange under the ticker “BTCW.” The filing notes that WisdomTree is willing to enter into a surveillance sharing agreement with an operator of a US-based spot trading platform for Bitcoin. Meanwhile, Invesco has “reactivated” its application for a similar product, requesting that the SEC allow its “Invesco Galaxy Bitcoin ETF” to be listed on the Cboe BZX exchange.
The filings indicate that professional custodians and other service providers can remove the need for investors to rely on loosely regulated offshore vehicles. Bloomberg’s senior ETF analyst Eric Balchunas believes that these moves show renewed optimism, with BlackRock breathing new life into the race. BlackRock also intends to enter into a surveillance sharing agreement with the Chicago Mercantile Exchange futures markets. This move is expected to help detect and prevent price distortions caused by manipulative efforts.
Investors may have good reason to be optimistic about BlackRock’s move, given that it has a record of getting ETFs approved by the regulator, with a ratio of 575-1. Additionally, rumors suggest that Fidelity Investments, which manages approximately $4.9 trillion in assets, may file for its own spot Bitcoin ETF or make an offer on Grayscale’s GBTC ETF product. However, Fidelity has not yet confirmed these rumors.
Overall, these recent filings reflect growing interest and optimism in the cryptocurrency market and suggest that investment firms are keen to capitalize on the newfound frenzy for spot Bitcoin ETFs.