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* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> Bitcoin ETF Fever is Back as WisdomTree Files Again – CoinsMegaNews

Bitcoin ETF Fever is Back as WisdomTree Files Again

2 years ago CryptoExpert
WisdomTree Files for Spot Bitcoin ETF, Is Wall Street Trying to Take Over Crypto?

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Prominent exchange-traded fund (ETF) provider WisdomTree is having another go at trying to get permission for a spot Bitcoin fund in the United States. The Securities and Exchange Commission has rejected previous applications, but BlackRock’s filing may have changed the game.

On June 20, the asset manager filed for the WisdomTree Bitcoin Trust, which would be listed on the Cboe BZX Exchange under the ticker BTCW.

Bitcoin ETF Fervor Back

According to ETF analysts Eric Balchunas and James Seyffart, the BlackRock filing:

“Has restored hope in approval thanks to the company’s size, stature, and reputation.”

“BlackRock breathed new life into the race,” Tweeted Balchunas on June 21.

The world’s largest asset manager filed an application for a spot Bitcoin ETF on June 15. However, industry analysts remain skeptical. Several suggested that it could be a way for financial institutions and the government to control crypto.

WisdomTree was among several asset managers to file for spot crypto ETFs in 2021. However, they were met with rejections and procrastination from the SEC, which has yet to approve one.

In its latest application, the firm intends to value the shares daily based on the CME CF Bitcoin settlement price. This is a rate that aggregates trade flow from major Bitcoin spot exchanges in the United States.

The SEC, which is currently suing crypto exchanges left, right, and center, has previously cited investor risks as a reason for rejection.

However, the regulator has approved futures funds. These are not directly backed by the asset but by futures contracts on the CME.

Is Wall Street Taking Over Crypto?

Analysts are becoming increasingly cynical as these large corporate filings come amid a wider war on crypto in the United States.

Industry researcher Preston Pysh said it was no coincidence that BlackRock, Fidelity, Citadel, Schwab, and now Deutsche Bank have all filed for Bitcoin ETFs.

“How can’t you think this entire past year was a giant inside job coordinated between the Wall Street parasites & government regulators so they could catch-up…”

Custodia Bank founder and CEO Caitlin Long added:

“Wait until it all comes out who has Fed master accounts but could be/likely are ineligible for them,”

ETF Store President Nate Geraci gave an inventory of spot bitcoin ETF filings since last Thursday. These included iShares, Bitwise, WisdomTree, and the fourth-largest ETF issuer Invesco.

“What changed recently? SEC has been on warpath against crypto. Something’s up.”

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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