Global Courant
WisdomTree is trying to launch a spot bitcoin exchange-traded fund, even though its peers have failed.
The company filed with the U.S. Securities and Exchange Commission last week, making it its second bitcoin ETF filing after an initial rejection two years ago.
However, Jeremy Schwartz of WisdomTree believes this time could be different.
“We’ve been able to successfully launch products in Europe,” the company’s global chief investment officer said on CNBC’s “ETF Edge” this week. “European regulators have been friendlier and have been able to familiarize themselves with the mechanisms, the custodians (and) how the markets work.”
The SEC rejected WisdomTree’s previous filings in 2021 and 2022 on the grounds that they were brief to protect investors and the public interest.
Schwartz hopes the changes made to the company’s updated filing will satisfy regulators.
“Some of the new filings have these data sharing agreements, surveillance sharing, new ways of doing it,” he said. “Now the question is, will that allay the SEC’s concerns about market manipulation? But that’s one of the things I think we’re all trying to address.”
WisdomTree’s latest launch effort occurs during a heightened appetite bitcoin. As of late Friday, prices are up nearly 84% so far this year.
“It’s hard for me to comment too much on all the details while you’re in these (archiving) periods,” Schwartz said when “ETF Edge” host Bob Pisani asked him why he thinks the SEC is mocking the bitcoin ETF this time around. will approve. . “But I think the key is, will the exchanges share data … and (will the SEC) be more comfortable than before? I think the data sharing agreements are the key element to that.”
It seems that interest is rising.
Fidelity Investments is also attempting to launch a spot bitcoin ETF despite previous failures, according to an SEC filing this week. It joins WisdomTree, BlackRock, VanEck and Invesco.
WisdomTree bets on Bitcoin ETF despite previous rejections
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