WisdomTree, a prominent global exchange-traded fund (ETF) provider, has submitted an amended Form S-1 spot Bitcoin ETF prospectus to the United States Securities and Exchange Commission (SEC) on November 16. This latest filing follows WisdomTree’s reapplication for a spot Bitcoin ETF in June 2023, which proposed a rule change to list and trade shares of the WisdomTree Bitcoin Trust on the BZX Exchange by the Chicago Board Options Exchange (CBOE).
The amended prospectus outlines that the WisdomTree Bitcoin Trust ETF intends to trade under the ticker symbol BTCW, with Coinbase Custody Trust serving as the custodian responsible for holding all of the trust’s Bitcoin.
Bloomberg ETF analyst James Seyffart noted that WisdomTree’s updated filing indicates the firm’s continued pursuit of launching an ETF, signaling ongoing discussions with the SEC. Seyffart emphasized that such filings are a standard step in the process and not a critical development.
Eric Balchunas, another Bloomberg ETF expert, expressed concern about the duration it took WisdomTree to amend its Form S-1 Bitcoin ETF filing, questioning whether the SEC might be awaiting updates from all filers before issuing a second round of comments.
According to Seyffart’s data, only two out of twelve U.S. firms that submitted spot Bitcoin ETF filings are yet to amend their S-1 documents: Franklin Templeton and Global X. Franklin Templeton faces a looming deadline on November 17 for its first spot Bitcoin ETF, while Global X has its second spot Bitcoin ETF deadline scheduled for November 21.
Despite expectations of additional SEC delays in decision-making regarding upcoming deadlines, analysts like Seyffart still maintain a positive outlook, estimating a 90% likelihood of the SEC approving a spot Bitcoin ETF before the end of January 2024.