WisdomTree Amends S-1 Form For Bitcoin ETF Filing As The Crypto Awaits SEC Decisions
After WisdomTree's latest Form S-1 spot Bitcoin ETF amendment, only Franklin Templeton and Global X have yet to amend their S-1 filings.
WisdomTree, a global exchange-traded fund (ETF) provider, filed an amended Form S-1 spot Bitcoin BTC $36,403 ETF prospectus with the Securities and Exchange Commission (SEC) on November 16.
The update comes just a few months after WisdomTree refiled its spot Bitcoin ETF application in June 2023, proposing a rule change by the Chicago Board Options Exchange (CBOE) to the WisdomTree Bitcoin Trust's shares are listed and traded on the BZX Exchange.
The WisdomTree Bitcoin Trust ETF will trade under the ticker symbol BTCW, with Coinbase Custody Trust serving as the custodian and holding all of the trust's Bitcoin on its behalf, according to the amended prospectus.
According to Bloomberg ETF analyst James Seyffart, WisdomTree's updated Form S-1 spot Bitcoin ETF filing indicates that the company is still planning to launch an ETF and is in discussions with the SEC.
"All issuers were expected to file one of these in order to potentially launch an ETF at some point." This is just one step in the process. "There's nothing critical," Seyffart wrote on X (previously Twitter).
Another Bloomberg ETF expert, Eric Balchunas, noticed that WisdomTree took "long enough" to amend its Form S-1 Bitcoin ETF filing. "Please tell me the SEC isn't waiting till all S-1s are updated before issuing a second round of comments," he said in response.
According to Seyffart's data, only two spot Bitcoin ETF filers in the United States have yet to amend their S-1 filings with the SEC: Franklin Templeton and Global X.
Franklin Templeton is anticipating its first spot Bitcoin ETF deadline on November 17. The SEC recently moved Hashdex's deadline from Nov. 17 to Jan. 1, 2024.
Global X, another firm that has yet to amend its S-1 filing, is also awaiting the Nov. 21 deadline for its second spot Bitcoin ETF.
Bloomberg ETF analysts such as Seyffart except that the SEC will delay further decisions regarding upcoming deadlines in the near future. However, Seyffart believes that the delays will not change his opinion that the SEC will approve a spot Bitcoin ETF before the end of January 2024.
Conclusion
The amendment of WisdomTree's S-1 form for its spot Bitcoin ETF filing is a positive sign for the cryptocurrency industry. It suggests that the company is still committed to launching an ETF and that it is continuing to work with the SEC to address its concerns. If the SEC approves the ETF, it would be a major victory for Bitcoin and could help to legitimize the cryptocurrency as an asset class.
