Bitcoin

Unlocking the Crypto Potential: WisdomTree’s Revised S-1 Form Fuels Bitcoin ETF Hopes Amid SEC’s Verdict Await

WisdomTree Files Amended Form S-1 for Bitcoin ETF Prospectus

The global exchange-traded fund (ETF) provider WisdomTree has recently filed an amended Form S-1 spot Bitcoin (BTC) ETF prospectus with the United States Securities and Exchange Commission (SEC) on November 16. This update comes a few months after WisdomTree refiled its spot Bitcoin ETF application in June 2023, proposing 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 reveals that the WisdomTree Bitcoin Trust ETF will trade under a ticker symbol BTCW and will have Coinbase Custody Trust as the custodian holding all of the trust’s Bitcoin on its behalf.

According to Bloomberg ETF analyst James Seyffart, the updated Form S-1 spot Bitcoin ETF filing by WisdomTree indicates that the firm is still planning to launch an ETF and is discussing the opportunity with the SEC. Seyffart mentioned that this filing is just a step in the process and nothing critical.

Eric Balchunas, another Bloomberg ETF expert, expressed his surprise at WisdomTree taking a long time to amend its Form S-1 Bitcoin ETF filing. He also added a comment questioning whether the SEC is waiting for all S-1s to be updated before issuing a second round of comments.

Out of the 12 firms in the U.S. that have filed for spot Bitcoin ETFs, two firms, Franklin Templeton and Global X, have yet to amend their S-1 filings with the SEC. Franklin Templeton is awaiting its first spot Bitcoin ETF deadline on November 17. On the other hand, Global X, which has not yet amended its S-1 filing, is awaiting its second spot Bitcoin ETF deadline on November 21.

Bloomberg ETF analysts like Seyffart expect the SEC to issue another round of delays on decisions regarding the upcoming deadlines in the near future. However, Seyffart maintains his belief that the delays would not change his perspective of the 90% likelihood of the SEC approving a spot Bitcoin ETF before the end of January 2024.

Overall, the filing of the amended Form S-1 spot Bitcoin ETF prospectus by WisdomTree indicates the continued efforts of various firms to launch Bitcoin ETFs and the ongoing discussions with the SEC. While delays are expected, analysts remain optimistic about the potential approval of a spot Bitcoin ETF in the near future.

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