Not less than two funding companies have made new filings for spot Bitcoin exchange-traded funds (ETF) following funding colossus BlackRock’s transfer to lodge an identical utility for its personal spot Bitcoin ETF on June 15. 

New York-based asset administration fund WisdomTree is the latest funding agency to lodge a brand new submitting for a spot Bitcoin ETF.

In accordance with a June 21 submitting to america Securities and Change Fee (SEC), WisdomTree requested that the SEC permit it to record its “WisdomTree Bitcoin Belief” on the Cboe BZX Change below the ticker “BTCW.”

WisdomTree has utilized for a spot Bitcoin ETF twice earlier than. Its first utility was rejected by the SEC in December 2021. It’s second utility was rejected as soon as once more in October 2022, with the monetary regulator citing related considerations of fraud and market manipulation. On the time of publication, WisdomTree oversees roughly $83 billion in belongings.

One of many key variations with BlackRock’s current submitting to the SEC is that it intends to enter right into a “surveillance sharing settlement” with the Chicago Mercantile Change (CME) futures markets.

BlackRock’s proposal cites the SEC’s approval of a Bitcoin futures fund by funding advisory agency Teucrium. That ruling famous that the CME “comprehensively surveils futures market circumstances and worth actions on an actual time and ongoing foundation as a way to detect and stop worth distortions, together with worth distortions brought on by manipulative efforts.”

This has been echoed in WisdomTree’s submitting as properly, which states that it too is keen to enter into such a surveillance settlement with “an operator of a US-based spot buying and selling platform for Bitcoin.”

Lower than 4 hours after WisdomTree filed its utility, world funding supervisor Invesco “reactivated” its utility for the same product.

In accordance with the 19b-4 doc — which informs the SEC of a proposed rule change — Invesco requested that the monetary regulator permit its “Invesco Galaxy Bitcoin ETF” product to be listed on the Cboe BZX change.

The submitting notes {that a} spot Bitcoin ETF which makes use of “skilled custodians and different service suppliers,” removes the necessity for traders to depend on “loosely regulated offshore automobiles” in flip, permitting for traders to extra readily “shield their principal investments in Bitcoin.”

Whereas the SEC is but to approve a single spot Bitcoin ETF product, Bloomberg senior ETF analyst Eric Balchunas stated that “BlackRock breathed new life into the race” in response to his personal tweet in regards to the WisdomTree submitting.

Moreover, Balchunas stated that crypto traders could have good cause to be optimistic with regards to BlackRock’s transfer, sharing that the funding agency has a “575-1” document of getting ETFs permitted by the regulator.

Associated: BlackRock’s Bitcoin ETF ‘is the most effective factor to occur’ to BTC, or is it?

Along with the current exercise from WisdomTree and Invesco, rumors have begun circulating that the multi-trillion-dollar fund supervisor Constancy Investments may additionally be trying to capitalize on the newfound frenzy for spot Bitcoin ETFs.

In accordance with a June 19 tweet from Arch Public co-founder AP_Abacus, Constancy Investments, which manages some $4.9 trillion in belongings — could look to file for its personal spot Bitcoin ETF. Alternatively, Abacus notes that the funding agency may make a suggestion on Grasyscale’s GBTC ETF product.

Cointelegraph reached out to Constancy for affirmation however didn’t obtain a right away response.

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