WisdomTree’s BTC ETF: SEC Talks and Predicted Approvals

On November 16, the US Securities and Exchange Commission (SEC) received an updated Form S-1 spot Bitcoin ETF prospectus from the international exchange-traded fund (ETF) provider WisdomTree.

A few months ago, WisdomTree 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) and refiled its spot Bitcoin ETF application in June 2023.

This update comes after the fact. According to the updated prospectus, Coinbase Custody Trust will act as the trust’s custodian, holding all of the Bitcoin in the trust on behalf of the WisdomTree Bitcoin Trust ETF, which will trade under the ticker code BTCW.

The revised WisdomTree Form S-1 spot Bitcoin ETF filing indicates that the company is still planning to issue an ETF and is in talks with the SEC about the possibility, according to Bloomberg ETF expert James Seyffart.

It was anticipated that to possibly launch an ETF at some point, all issuers would need to register one of these. merely a stage in the procedure.

Nothing important,” Seyffart posted on X, the now-defunct Twitter platform. Eric Balchunas, another specialist in Bloomberg ETFs, said that WisdomTree took “long enough” to make changes to their Form S-1 Bitcoin ETF filing.

He went on, “Please tell me the SEC isn’t holding off on releasing a second round of comments until all S-1s are updated.”

Out of 12 U.S. corporations that file S-1 forms with the SEC, only two spot Bitcoin ETF filers—Franklin Templeton and Global X—have not yet amended their files, according to data from Seyffart.

On November 17, Franklin Templeton will face its first Bitcoin ETF deadline. The SEC shifted the deadline for Hashdex, which was originally scheduled for November 17, to January 1, 2024, a few days ago.

On November 21, Global X, a different company that hasn’t updated its S-1 file, will also be waiting for its second spot Bitcoin ETF deadline.

Analysts for Bloomberg ETFs, such as Seyffart, predict that the SEC will soon make additional delays in drawing conclusions about the impending deadlines.

Seyffart is still of the opinion that there is a 90% chance that the SEC will approve a spot Bitcoin ETF before the end of January 2024, notwithstanding the delays.