WisdomTree, a global provider of Exchange Traded Funds (ETFs), made a revised filing of Form S-1 for a spot Bitcoin ETF with the US Securities and Exchange Commission (SEC) on November 16, marking a new step in their pursuit of launching the ETF.
This updated filing follows WisdomTree's resubmission of its spot Bitcoin ETF application in June 2023, which aimed at rule changes to list and trade WisdomTree Bitcoin Trust shares on the BZX exchange by the Chicago Board Options Exchange (CBOE).
The latest prospectus reveals that the WisdomTree Bitcoin Trust ETF intends to trade under the ticker symbol BTCW. It also specifies Coinbase Custody Trust as the custodian responsible for holding all the Bitcoin within the trust.
Bloomberg's ETF analysts, including James Seyffart and Eric Balchunas, commented on this development. Seyffart mentioned that the updated S-1 signifies WisdomTree's ongoing efforts toward launching the ETF and continuing discussions with the SEC. Balchunas, on the other hand, expressed filing concerns about the delay in updating the S-1 filings and hoped that the SEC wouldn't wait until all filings are revised before issuing a second round of comments.
The data provided by Seyffart indicated that only two out of the 12 US Bitcoin ETF spot firms are yet to amend their S-1 filings: Franklin Templeton and Global X. He also predicted that the SEC might announce further decisions on postponements regarding upcoming deadlines, highlighting Hashdex's deadline extension from November 17 to January 1, 2024.
Despite these delays, Bloomberg's ETF analysts, particularly Seyffart, maintain a positive outlook, estimating a 90% probability for the SEC to approve a spot Bitcoin ETF by the end of January 2024, indicating a degree of confidence in the potential approval within that timeframe.
