WisdomTree and Invesco have joined Bitwise Asset Management on the list of managers that have hustled to get spot bitcoin exchange-traded fund applications refiled with the Securities and Exchange Commission in the wake of BlackRock's spot bitcoin ETF filing last week.
Applications for the WisdomTree Bitcoin Trust and the Invesco Galaxy Bitcoin ETF were again filed with the SEC, according to separate filings Tuesday. On June 16, an application for the Bitwise Bitcoin ETP Trust was refiled. Those filings came after BlackRock, the world's largest asset manager, filed with the SEC on June 15 to offer the iShares Bitcoin Trust. The SEC has yet to approve any of the spot bitcoin ETF applications that have come before it.
Given BlackRock's filing, "some of its peers are smelling a potential shift in the regulatory landscape," said Todd Rosenbluth, head of research at VettaFi, a data and analytics provider, in an email.
"While the SEC has been consistently against a spot bitcoin ETF, due to concerns of fraud and manipulation, if this changes (managers) want to be ready," Mr. Rosenbluth said. "It's like a new block of Taylor Swift tickets might be released to the public. You want to have done the work."
The first bitcoin ETF or ETFs will be "hugely popular," he said.
The SEC's website shows a filing for the WisdomTree Bitcoin Trust on March 11, 2021. It also shows that the SEC issued an order Dec. 1, 2021, disapproving a proposed rule change to list and trade shares of the trust. Another SEC order also disapproving such a proposed rule change was issued Oct. 11, 2022.
"Our years of work and dialogue with regulators have been collaborative, and we remain dedicated to our priority of investor protection and responsible innovation," said William Peck, head of digital assets at WisdomTree, in a statement. "We are hopeful in this refiling while also prioritizing continued growth within the digital ecosystem through our offerings like our blockchain-enabled funds and WisdomTree Prime."
WisdomTree had $93.5 billion in assets under management as of Wednesday, according to its website.
