WisdomTree, a financial firm, is making a second attempt to launch a spot bitcoin exchange-traded fund (ETF), following its peers’ failed attempts. The company recently filed with the U.S. Securities and Exchange Commission (SEC), with its previous application having been rejected two years ago. WisdomTree’s global chief investment officer, Jeremy Schwartz, believes that this time may be different due to the successful launch of similar products in Europe, where regulators have been more accommodating.
The SEC rejected WisdomTree’s previous applications in 2021 and 2022, citing concerns about investor protection and public interest. However, Schwartz is hopeful that the changes made in the updated filing, such as data sharing agreements and surveillance mechanisms, will address the SEC’s concerns about market manipulation.
WisdomTree’s latest move comes at a time of increased interest in bitcoin, with prices rising by nearly 84% so far this year. Fidelity Investments, another prominent asset manager, is also reportedly attempting to launch a spot bitcoin ETF, despite previous failures. They join other major firms such as BlackRock, VanEck, and Invesco in seeking SEC approval for a bitcoin ETF. The growing interest in these ETFs suggests a rising demand for regulated investment vehicles tied to cryptocurrencies.