TL;DR Breakdown:
- WisdomTree is seeking the United States’ SEC approval to launch a Bitcoin ETF.
- Recently, Grayscale published new positions for ETF experts.
Leading asset manager and exchange-traded fund (ETF) sponsor in the United States, WisdomTree, joined the list of companies looking to launch a Bitcoin ETF in the country. The company filed a document with the US Securities and Exchange Commission on Thursday, seeking approval to roll out the cryptocurrency ETF. The regulator is yet to approve any company for such a financial product.
WisdomTree files for a Bitcoin ETF in US
A Bitcoin ETF grants investors exposure to the cryptocurrency without having to purchase, transfer, or store the actual digital currency. Basically, the investors will be investing in a portfolio composed of Bitcoin through a traditional brokerage, as WisdomTree explained. This is quite ideal for investors, especially institutions, who are looking to participate in the digital currency market, yet through a risk-mitigated vehicle.
So, the launch of a Bitcoin ETF is considered a milestone for onboarding more institutional players in the Bitcoin market. WisdomTree is in a better position to succeed, given that it already sponsors ETFs, including an exchange-traded product (ETF). As an asset manager, the company reportedly has more than $60 billion in assets under management (AUM). If approved, the common shares of the Bitcoin ETF will be listed/traded on the Cboe BZX Exchange as BTCW – ticker.
We might see a Bitcoin ETF in 2021
Digital currency companies in the United States are gearing up for the Bitcoin ETF. Recently, Grayscale, the leading digital currency investment company, opened about nine job positions, all of which sought ETF specialists. The job listings included ETF Compliance Officer, ETF Creation & Redemption Specialist, ETF Product Development Specialist, and so on.
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