WisdomTree’s Bold Move
On November 16, WisdomTree, the global ETF giant, made headlines by amending its Form S-1 for a spot Bitcoin ETF. This exciting revision signals that the company is actively pursuing the launch of its Bitcoin ETF, even after refiling its application back in June 2023. Talk about perseverance!
What’s in the New Prospectus?
The amended prospectus has introduced a tickler—uh, ticker symbol: BTCW! That’s right, folks. The WisdomTree Bitcoin Trust ETF is ready to rock the markets. In addition, Coinbase Custody Trust has been entrusted to safeguard the trust’s Bitcoin holdings. Who better to handle those shiny digital coins than the bulwark of crypto security?
Market Analysts Weigh In
According to Bloomberg ETF guru James Seyffart, this filing isn’t just a bureaucratic exercise. “All issuers are expected to file one of these to potentially launch their ETF at some point. Just a step in the process. Nothing critical,” Seyffart commented on X (formerly Twitter). Sounds like a classic case of ‘don’t panic!’ from the ETF universe.
Delay Dilemma
However, it seems the SEC is currently playing hard to get. Another Bloomberg analyst, Eric Balchunas, quipped that it took WisdomTree quite a while to amend its filing. “Please tell me the SEC isn’t waiting till all S-1s are updated before issuing a second round of comments,” he humorously speculated. A sec-ond delay—see what we did there?
Behind the Curtain: The SEC Delay Drama
The SEC’s recent procrastination has left other hopeful ETF applicants, including Franklin Templeton and Global X, anxiously waiting. Both firms are now eyeing deadlines pushed to January 2024 for their respective spot Bitcoin ETF proposals. If you’re keeping score at home, it’s a slow rollercoaster ride in the world of crypto ETFs.
The Bright Side
Even with these delays, Seyffart maintains a positive outlook, estimating a 90% chance of SEC approval for a spot Bitcoin ETF by the end of January 2024. For those eager for Bitcoin ETFs, the glass is still half full—or at least 90% full, depending on how you look at it!
Conclusion: The Sec-ond Act
While the SEC continues its game of delay, companies like WisdomTree are not backing down. The crypto landscape is constantly evolving, and as ETF hopefuls like WisdomTree advance their applications, it’s only a matter of time before we see some action. Here’s to hoping the SEC decides to speed up the process—because crypto fans are patiently waiting, and they’ve already got memes prepared for every possible outcome!
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