WisdomTree amends S-1 form spot Bitcoin ETF filing as crypto awaits SEC decisions
The global exchange-traded fund (ETF) provider WisdomTree filed an amended Form S-1 spot Bitcoin (BTC) ETF prospectus with the United States Securities and Exchange Commission (SEC) on Nov. 16.
The update comes a few months after WisdomTree refiled its spot Bitcoin ETF application in June 2023, proposing a rule change to list and trade shares of the WisdomTree Bitcoin Trust on the BZX Exchange by the Chicago Board Options Exchange (CBOE).
The amended prospectus mentions that the WisdomTree Bitcoin Trust ETF will trade under a ticker symbol BTCW, with Coinbase Custody Trust serving as the custodian holding all of the trust’s Bitcoin on its behalf.
According to Bloomberg ETF analyst James Seyffart, the updated Form S-1 spot Bitcoin ETF filing by WisdomTree means that the firm is still planning to launch an ETF and is discussing the opportunity with the SEC.
“All issuers were expected to have to file one of these to potentially launch their ETF at some point. Just a step in the process. Nothing critical,” Seyffart wrote on X (formerly Twitter).
Another Bloomberg ETF expert, Eric Balchunas, noticed that WisdomTree took “long enough” to amend its Form S-1 Bitcoin ETF filing. “Please tell me the SEC isn’t waiting till all S-1s are updated before issuing a second round of comments,” he added.
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According to Seyffart’s data, only two spot Bitcoin ETF filers out of 12 firms in the U.S. have yet to amend their S-1 filings with the SEC: Franklin Templeton and Global X.
Okay, we're nearing in on deadline dates for 3 spot #Bitcoin ETF applications. I want to get ahead of it because there's a pretty good chance we'll see delay orders from the SEC. Delays WOULD NOT change anything about our views & 90% odds for 19b-4 approval by Jan 10, 2024 pic.twitter.com/LE7sOlHAHM
— James Seyffart (@JSeyff) November 14, 2023
Franklin Templeton is awaiting its first spot Bitcoin ETF deadline on Nov. 17. Hashdex, whose deadline was previously also set for Nov. 17, saw its deadline moved by the SEC to Jan. 1, 2024, a few days ago.
Global X, another firm that hasn’t amended its S-1 filing yet, is also awaiting its second spot Bitcoin ETF deadline on Nov. 21.
Bloomberg ETF analysts like Seyffart expect the SEC to do another round of delays on decisions regarding the upcoming deadlines in the near future. However, Seyffart still believes the delays would not alter his perspective of the 90% likelihood of the SEC approving a spot Bitcoin ETF before the end of January 2024.
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