SEC To Start Evaluating And Assessing BTC ETF Of Asset Manager WisdomTree
The United States Securities and Exchange Commission (SEC) may be making headlines these days because of its ongoing legal battle with Ripple regarding the use of the XRP token as a security and also the idea that founder Brad Garlinghouse was earning revenue through the sales of unregistered XRP sales, but the SEC does, in fact, have other responsibilities too.
This was made apparent when a public notice had been issued by the SEC yesterday. This notice was to inform WisdomTree, an asset manager, that soon its Bitcoin ETF would be under assessment and review by the commission.
The aforementioned Bitcoin ETF for WisdomTree had been filed last month in March 2021. WisdomTree Investments Inc. has served as an asset manager, exchange-traded product sponsor, and exchange-traded fund based in New York for several years now. WisdomTree had launched its initial ETFs in mid-2006 and has managed to become one of the key ETF providers for the entire United States since then.
Apart from WisdomTree, a cryptocurrency investment management firm by the name of Kryptoin has recently gone through the trouble of re-filing for its Bitcoin ETF. The firm had originally tried to file for the ETF back in October of 2019, and as such, had also proposed to have ‘Kryptoin Bitcoin ETF Trust’ be listed on NYSE Arca. It should be mentioned, however, that this had been switched to Cobe’s own BZX exchange as part of the refilling.
Both WisdomTree and Kryptoin have had their applications be filed during a time when the SEC has had similar applications for Bitcoin ETFs come from the likes of NYDIG, ASkyBridge Capital and VanEck. As of the time of this writing, the appropriate regulators have not approved anything just yet, but this might change if an increasing number of Bitcoin ETFs continue to be filed as the year goes on.
Many still wonder as to why Bitcoin ETFs have risen in popularity as of late. The reason is simple, as these ETFs represent the opportunity for both retail and institutional investors to potentially make investments into Bitcoin. Moreover, this can be accomplished without the need to actually invest in Bitcoin itself directly. This results in a safe haven of sorts being created, through which investors can safely store their funds as the market continues to experience volatility.
Right now, the SEC is simultaneously assessing VanEck’s application. The final call, which will either reject or approve the filing, is expected to be made sometime next month.
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