The U.S. Securities and Exchange Commission (SEC) has begun reviewing WisdomTree’s Bitcoin ETF.
WisdomTree, one of the leading companies specializing in exchange-traded funds (ETFs), knocked on the SEC door last month to release a Bitcoin ETF. If approved, the ETF shares will be listed on the CBOE stock exchange.
Bitcoin ETF gives individual and institutional investors an opportunity to invest in a regulated financial product linked to the largest cryptocurrency without the need to invest directly in Bitcoin. According to the Bitcoin ETF regulations, it enables some of the large funds that cannot invest in Bitcoin to overcome this hurdle.
To date, several Bitcoin ETF implementations have been submitted to the SEC. These incoming requests have been rejected in past years. In 2021, the SEC is believed to have a high probability of approving a Bitcoin ETF. As a matter of fact, many Bitcoin ETF requests were rejected in Canada until 2021, but three Bitcoin ETFs have been approved this year. Under the management of one of them, bitcoins soon exceeded $ 1.5 billion in value. On the other hand, in Brazil, the Bitcoin ETF was given the green light last month.
VanEck Bitcoin ETF is also under review
On the one hand, the SEC also started the VanEck’s Bitcoin ETF application review process a few weeks ago. The Foundation is expected to announce its first decision next month to reject this request, approve it, or continue considering it.
In the announcement yesterday, the foundation announced that it would begin evaluating the WisdomTree Bitcoin Trust ETF, which the ETF giant created with Cboe BZX Exchange.
There are also ETF requests pending in the SEC but their review has yet to be initiated. These are apps from Fidelity’s Wise Origin Bitcoin Trust, NYDIG, Valkyrie, SkyBridge Capital, and Simplfy Bitcoin ETFs.
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