WisdomTree Advances Bitcoin ETF Journey with Amended Filing Amid SEC Delays

WisdomTree’s Continued Efforts

On November 16, 2023, WisdomTree, the global ETF provider, submitted an updated Form S-1 for its spot Bitcoin ETF application to the SEC. This move reflects WisdomTree’s commitment to launching the Bitcoin Trust, trading under the moniker BTCW, with Coinbase Custody Trust acting as the guardian of its Bitcoin assets. One could say they’re really looking to get in the Bitcoin game—grab your popcorn!

What’s in the Amended Prospectus?

The amended prospectus isn’t just fluff. It signifies that the firm remains actively engaged with the SEC about its ETF plans. Analyst James Seyffart from Bloomberg highlighted that such updates are standard procedure in the ETF approval journey. “All issuers were expected to have to file one of these to potentially launch their ETF at some point,” he noted. A gentle nudge in the right direction—for potential future Bitcoin millionaires.

Delays and Expectations

Delays are part of the game, and Seyffart suggests that we should brace ourselves for more. He pointed out that not all Bitcoin ETF applicants have completed their paperwork, with only two out of twelve filings remaining untouched. Is the SEC making them wait for a grand finale? Potentially! And let’s not forget Franklin Templeton and Global X, which are still in limbo, hinting at SEC’s leisurely decision-making process.

Upcoming Deadlines and SEC Behavior

Just in case you missed it, the SEC has postponed certain deadlines, including Franklin Templeton’s from November 17 to January 1, 2024. It’s like waiting for that next season of your favorite show, but with a Bitcoin ETF twist. The countdown continues for these firms as they race against time—not for the Olympics, but for a ticket to the Bitcoin ETF festivity.

What’s Next for Bitcoin ETFs?

The analysts remain optimistic, projecting a 90% chance of approval for at least one Bitcoin ETF by the end of January 2024. Delays might be unavoidable, but these seasoned experts are confident that the thrill of the approval roller coaster will start gaining momentum soon. As for the SEC? Well, folks, it might just be cruising through legal limbo—entertaining and confounding all at once.