WisdomTree is trying to launch a spot bitcoin exchange-traded fund, although its peers have all failed.
The firm filed with the SEC last week, its second bitcoin ETF application after the first was rejected two years ago.
However, WisdomTree’s Jeremy Schwartz thinks this time may be different.
“We’ve been able to successfully launch in Europe,” the firm’s global chief investment officer said on CNBC’s “ETF Edge” this week. Satisfied with the way it works.”
The SEC denied WisdomTree’s previous filings in 2021 and 2022 on the grounds that they failed to protect investors and the public interest.
Schwartz hopes the changes made in the company’s updated filing will satisfy regulators.
“Some of the new submissions contain these data sharing agreements, surveillance sharing and new implementations,” he said. “The question now is: Will this address the SEC’s concerns about market manipulation? But that’s one of the things I think we’re all grappling with.”
The latest launch of WisdomTree comes at a time when people are bitcoin. Prices were up nearly 84% this year through Friday night.
When asked by “ETF Edge” host Bob Pisani why he thought the SEC would approve a spot bitcoin ETF this time around, Schwartz said: “During these (filing) periods, it’s hard for me to comment too much on all the details.” “But I think the key is, will the exchanges share data … and will the (SEC) be more comfortable than they have been doing before? I think the data sharing agreement is a key element of that.”
It appears interest is on the rise.
According to an SEC filing this week, Fidelity Investments is also trying to launch a spot bitcoin ETF, though it has failed before. It joins the ranks of WisdomTree, BlackRock, VanEck and Invesco.
Svlook
