WisdomTree and Invesco Applies for Bitcoin ETF

Investment giants WisdomTree, Invesco, and BlackRock file for Bitcoin ETFs, heating up the race for crypto-based funds. This surge in applications could transform the cryptocurrency investment landscape significantly.

Investment giants WisdomTree and Invesco have recently joined BlackRock in the growing race to launch spot Bitcoin Exchange Traded Funds (ETFs). This news comes hot on the heels of BlackRock’s filing on June 15, stirring renewed interest in Bitcoin ETFs among industry leaders.

In 2021, Invesco, in collaboration with Mike Novogratz’s Galaxy Digital, was among the first to apply for a spot Bitcoin ETF. WisdomTree was also in the fray, having submitted their application in the same year. However, WisdomTree’s attempt was met with a rejection by the Securities and Exchange Commission (SEC) in October 2022.

Undeterred, WisdomTree, which boasts a substantial management portfolio of over $83 billion in assets, submitted another application shortly after BlackRock’s recent proposal. Notably, BlackRock’s submission emphasized the SEC’s approval of the Bitcoin futures fund managed by investment advisory firm Teucrium. WisdomTree echoed this sentiment in its renewed filing, signifying its unwavering commitment to the crypto-asset industry.

BlackRock’s application has yet to secure approval from the SEC. However, it has already sparked a great deal of industry buzz. Eric Balchunas, a senior ETF analyst at Bloomberg, tweeted that “BlackRock breathed new life into the race” in a post commenting on the WisdomTree application.

Rumors are also swirling around that several multi-trillion-dollar fund management firms, such as Fidelity Investments, may soon join the Bitcoin ETF application spree.

Potential Game-Changers in the Bitcoin ETF Landscape

With these recent developments, it appears that the race to establish a spot Bitcoin ETF is far from over. The surge in applications from such notable investment management firms could significantly reshape the Bitcoin ETF landscape. As more firms join this chase, the industry eagerly awaits the SEC’s decision on BlackRock’s proposal. This could set the tone for future spot Bitcoin ETFs, bringing a potentially transformative wave to the world of cryptocurrency investment.

With each new application, we inch closer to the potential mass adoption of Bitcoin in traditional investment portfolios. The realization of a Bitcoin ETF could signal a new era for the crypto asset market, bringing with it increased accessibility, liquidity, and regulatory certainty.

Previous Article

Ethereum Whales Keep Buying and Accumulating!

Next Article

Quick Recap of Global and Crypto Market Trends in 1 Minute/ 21.06.2023

Related Posts
Read More

The Future is Decentralized: Top 3 Decentralized Perpetual Exchanges

In the decentralized exchange space, there are several protocols that are taking attention. Three protocols have been performing exceptionally well in terms of volume, user growth, listings, and token performance. These protocols are $GMX, Drift Protocol, and Perpetual Protocol, with $GMX being the most well-known. Drift Protocol has not yet launched a token, but has seen significant growth after the release of Drift v2.