WisdomTree has launched its spot Bitcoin exchange-traded fund in the US. Dubbed WisdomTree
Bitcoin Fund (BTCW), the fund has debuted on the Cboe BZX Exchange, providing
investors in the US with an avenue to gain exposure to the price of Bitcoin. This fund offers a zero expense ratio for the first $1.0 billion worth
of assets.
In its
official statement, WisdomTree has cautioned Investors considering BTCW that
they must approach it with caution due to the volatility of the price of
Bitcoin . The company explained that cryptocurrency and, by extension, the
WisdomTree Bitcoin Fund are highly speculative and involve considerable risk,
including the potential for substantial losses.
The WisdomTree Bitcoin Fund (BTCW) makes history in the first wave of Bitcoin ETFs with an anticipated launch tomorrow, January 11. More information is available here: https://t.co/leuba2ToIV
See prospectus here: https://t.co/ug1HpjyeV7
— WisdomTree (@WisdomTreeFunds) January 11, 2024
Last
year, WisdomTree sought regulatory approval for the second time from the SEC to
list a spot Bitcoin ETF. This step followed a similar application from
BlackRock. However, the SEC rejected WisdomTree’s application for the fund in
2022.
Despite
previous SEC rejections of spot Bitcoin ETF proposals, the current regulatory
climate and growing industry pressure have led to a different outcome. The
heightened interest from regulated financial players has swayed the regulator
toward a more favorable view of such instruments. This decision is expected to
reshape the crypto investment landscape in the United States.
Paving the Way for Bitcoin Adoption?
On
Wednesday, the SEC approved 11 Bitcoin ETFs to start trading on US stock
exchanges today. This historic decision opened new avenues for investors and
crypto enthusiasts, signaling a significant shift in the financial landscape.
Leading the charge is Bitwise, which is set to list its Bitcoin ETF on NYSE
Arca, with a bold strategy of charging no fees for the initial six months until
the asset under management hits $1 billion.
The SEC made waves as it simultaneously
approved spot Bitcoin ETF applications from 11 prominent firms, including
WisdomTree, Invesco Galaxy, VanEck, and BlackRock. This decision enables these
companies to list their Bitcoin ETFs on three major US exchanges: NYSE Arca,
Nasdaq, and Cboe BZX, with trading available starting today.
Following
the approval, SEC Chief Gary Gensler issued a statement emphasizing that the
approval is specific to ETPs holding Bitcoin, not an endorsement for broader
crypto asset securities. Gensler highlighted a recent court decision regarding
Grayscale’s proposed ETP, reinforcing the SEC’s commitment to acting within
legal boundaries.
WisdomTree has launched its spot Bitcoin exchange-traded fund in the US. Dubbed WisdomTree
Bitcoin Fund (BTCW), the fund has debuted on the Cboe BZX Exchange, providing
investors in the US with an avenue to gain exposure to the price of Bitcoin. This fund offers a zero expense ratio for the first $1.0 billion worth
of assets.
In its
official statement, WisdomTree has cautioned Investors considering BTCW that
they must approach it with caution due to the volatility of the price of
Bitcoin . The company explained that cryptocurrency and, by extension, the
WisdomTree Bitcoin Fund are highly speculative and involve considerable risk,
including the potential for substantial losses.
The WisdomTree Bitcoin Fund (BTCW) makes history in the first wave of Bitcoin ETFs with an anticipated launch tomorrow, January 11. More information is available here: https://t.co/leuba2ToIV
See prospectus here: https://t.co/ug1HpjyeV7
— WisdomTree (@WisdomTreeFunds) January 11, 2024
Last
year, WisdomTree sought regulatory approval for the second time from the SEC to
list a spot Bitcoin ETF. This step followed a similar application from
BlackRock. However, the SEC rejected WisdomTree’s application for the fund in
2022.
Despite
previous SEC rejections of spot Bitcoin ETF proposals, the current regulatory
climate and growing industry pressure have led to a different outcome. The
heightened interest from regulated financial players has swayed the regulator
toward a more favorable view of such instruments. This decision is expected to
reshape the crypto investment landscape in the United States.
Paving the Way for Bitcoin Adoption?
On
Wednesday, the SEC approved 11 Bitcoin ETFs to start trading on US stock
exchanges today. This historic decision opened new avenues for investors and
crypto enthusiasts, signaling a significant shift in the financial landscape.
Leading the charge is Bitwise, which is set to list its Bitcoin ETF on NYSE
Arca, with a bold strategy of charging no fees for the initial six months until
the asset under management hits $1 billion.
The SEC made waves as it simultaneously
approved spot Bitcoin ETF applications from 11 prominent firms, including
WisdomTree, Invesco Galaxy, VanEck, and BlackRock. This decision enables these
companies to list their Bitcoin ETFs on three major US exchanges: NYSE Arca,
Nasdaq, and Cboe BZX, with trading available starting today.
Following
the approval, SEC Chief Gary Gensler issued a statement emphasizing that the
approval is specific to ETPs holding Bitcoin, not an endorsement for broader
crypto asset securities. Gensler highlighted a recent court decision regarding
Grayscale’s proposed ETP, reinforcing the SEC’s commitment to acting within
legal boundaries.
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- Source: https://www.financemagnates.com//cryptocurrency/wisdomtree-lunches-bitcoin-etf-on-cboe-bzx-following-landmark-sec-approval/
