The U.S. Securities and Exchange Commission (SEC) has begun reviewing WisdomTree's Bitcoin ETF application.
#WisdomTree, one of the leading companies specializing in exchange traded funds (ETFs), knocked on the SEC's door last month to issue a Bitcoin ETF. If approved, ETF's shares will be listed on the ie CBOE stock exchange.
The Bitcoin ETF gives individual and institutional investors the chance to invest in a regulated financial product linked to the largest cryptocurrency without the need to invest directly in Bitcoin. As per the regulations of the Bitcoin ETF, it enables some of the large funds that cannot invest in Bitcoin to overcome this obstacle.
To date, many Bitcoin ETF applications have been made to the SEC. These applications received in the past years have been rejected. In 2021, the SEC is thought to have a high probability of approving a Bitcoin ETF. As a matter of fact, many Bitcoin ETF applications were rejected in Canada until 2021, but three Bitcoin ETFs were approved this year. Under the management of one of them, the value of Bitcoins soon surpassed $ 1.5 billion. On the other hand, in Brazil, a Bitcoin ETF was given the green light last month.
↘️VanEck Bitcoin ETF is also under review
On the other hand, the SEC also started the review process for VanEck's Bitcoin ETF application a few weeks ago. The institution is expected to announce its first decision next month to reject, approve or continue to consider this application.
In the announcement made yesterday, the institution announced that the ETF giant will begin to evaluate the WisdomTree Bitcoin Trust ETF application made with Cboe BZX Exchange .
There are also ETF applications pending at the SEC's desk but for which no review has yet been initiated. These are applications from Fidelity's Wise Origin Bitcoin Trust, NYDIG, Valkyrie companies, and SkyBridge Capital and Simplfy Bitcoin ETFs.