WisdomTree Submits Updated Form S-1 for Proposed Spot Bitcoin ETF to SEC

In an ongoing effort to launch a spot Bitcoin ETF, international ETF provider WisdomTree has revised and resubmitted its Form S-1 for the Bitcoin ETF prospectus to the U.S. Securities and Exchange Commission (SEC). This latest submission, dated Nov. 16, comes after the company’s initial application refiled in June 2023.

The updated prospectus outlines plans for the WisdomTree Bitcoin Trust ETF, set to be traded under the ticker BTCW. As per the new filing, Coinbase Custody Trust will assume the responsibility of custodian, safeguarding all the trust’s Bitcoin assets.

Bloomberg’s ETF analyst James Seyffart drew attention to the recent changes, interpreting them as a sign of WisdomTree’s persistent efforts to introduce an ETF. He noted that the amendments indicate ongoing discussions with the SEC’s corporate finance division, a typical step in the approval process.

However, the path to approval may still see obstacles. Mike Belshe, CEO of BitGo, shared his insights into the immediate future of Bitcoin ETFs, suggesting that the SEC is likely to continue rejecting proposals in the near term. According to Belshe, unresolved regulatory challenges surrounding cryptocurrency ETFs mean the industry might have to wait longer for the first spot Bitcoin ETFs to be approved.

Despite the anticipation stirred by WisdomTree’s latest filing, Belshe’s perspective and others in the field hint at continued regulatory hurdles before the market sees the launch of these eagerly awaited financial products.