After the globe’s largest asset manager, BlackRock, reignited the spot Bitcoin ETF fire last week, Invesco and Wisdom Tree are following suit.
According to Bloomberg, Wisdom Tree, a financial innovator and asset manager based in New York, has rekindled its quest for a Bitcoin exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC).
Based on the filing made on June 21, Wisdom Tree’s plea was for the “Wisdom Tree Bitcoin Trust” to be listed on Cboe BZX Exchange. The firm’s application for a spot Bitcoin ETF has not gone down the drain once but twice. The filings were rejected in December 2021 and October 2022.
On the other hand, Invesco, an investment management firm with assets worth $1.49 trillion, is also not relenting in its pursuit of a Bitcoin ETF with the SEC. Through the filing, Invesco noted that the ETF would be an ideal investment vehicle for Bitcoin based on the regulations incorporated.
The SEC has not been very friendly to companies, such as Wisdom Tree and Invesco, that have sought spot Bitcoin ETFs before because the financial watchdog has cited manipulation and fraud as impediments.
In a quick rejoinder, the Chamber of Digital Commerce refuted these claims in September last year by noting that the SEC did not give the Bitcoin ETF applications the greenlight because of political reasons, as previously reported by The Crypto Basic.
Since the Bitcoin ETF utilizes professional and trustworthy providers and custodians, investors usually get indirect BTC exposure. This explains why leading financial institutions are eyeing this route.
After applying for a spot in Bitcoin ETF, Blackrock was recently joined by global investment firm Fidelity in this quest because they see it as a stepping stone towards heightened investments in the crypto sector.
As the number of spot Bitcoin ETF applications continues to grow, with Invesco and Wisdom Tree being the latest to join the bandwagon, investors will be granted crypto exposure without having to own cryptocurrencies.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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