Bitcoin

<p><strong>Global investment firm BlackRock&#39;s recent filing for a spot Bitcoin Exchange-Traded Fund (ETF) has reignited optimism in the industry and spurred a flurry of similar filings.</strong></p><p>Less than a week after <a href="https://cryptodaily.co.uk/2023/06/bitcoin-reclaims-50-market-dominance-following-blackrock-etf" rel="noopener noreferrer nofollow">BlackRock&#39;s application</a>, renowned investment firms WisdomTree and Invesco have followed suit, filing applications for their respective <a href="https://cryptodaily.co.uk/2023/06/blackrock-fidelity-bank-of-america-are-buying-bitcoin-tradecurve-forming-a-bullish-price-pattern" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a>.</p><h3 id="wisdomtree-39-s-persistence-in-spot-bitcoin-etf-filing">WisdomTree&#39;s Persistence in Spot Bitcoin ETF Filing</h3><p>New York-based WisdomTree lodged its latest filing for a spot Bitcoin ETF with the United States Securities and Exchange Commission (SEC) on June 21. If approved, the &#34;WisdomTree Bitcoin Trust&#34; would be listed on the Cboe BZX Exchange under the ticker &#34;BTCW.&#34; Notably, this is WisdomTree&#39;s third attempt to secure approval for a spot Bitcoin ETF. Previous applications submitted in December 2021 and October 2022 were rejected due to the SEC&#39;s concerns about fraud and market manipulation.</p><p>In their recent filing, WisdomTree, which oversees approximately $83 billion in assets, has expressed willingness to enter into a &#34;surveillance sharing agreement&#34; with a U.S.-based spot trading platform for Bitcoin. This step echoes BlackRock&#39;s approach in its recent filing, aiming to mitigate the SEC&#39;s concerns by establishing robust surveillance mechanisms to detect and prevent price distortions and manipulation.</p><h3 id="invesco-reactivates-its-application-for-a-spot-bitcoin-etf">Invesco Reactivates Its Application for a Spot Bitcoin ETF</h3><p>Shortly after WisdomTree&#39;s application, Invesco, a global investment manager, reactivated its application for a similar spot Bitcoin ETF product. The proposed &#34;Invesco Galaxy Bitcoin ETF&#34; aims to be listed on the Cboe BZX exchange, per the 19b-4 document informing the SEC of the proposed rule change.</p><p>Invesco&#39;s filing emphasizes the benefit of professional custodians and other service providers. This setup, they argue, reduces reliance on &#34;loosely regulated offshore vehicles&#34; and ensures better protection for investors&#39; principal investments in Bitcoin.</p><h3 id="impact-of-blackrock-39-s-strong-etf-approval-track-record">Impact of BlackRock&#39;s Strong ETF Approval Track Record</h3><p>Bloomberg&#39;s senior ETF analyst Eric Balchunas responded to the flurry of filings, attributing the renewed activity to <a href="https://cryptodaily.co.uk/2023/06/why-blackrock-bitcoin-spot-etf-is-a-real-worry" rel="noopener noreferrer nofollow">BlackRock&#39;s entry into the race</a>. Balchunas highlighted BlackRock&#39;s impressive track record, with a 575-1 success rate of ETF approvals by the SEC, adding weight to the firm&#39;s application.</p><h3 id="speculations-about-fidelity-investments-39-entry">Speculations About Fidelity Investments&#39; Entry</h3><p>Amid this resurgence of interest in Bitcoin ETFs, there are rumors that Fidelity Investments, a multi-trillion-dollar fund manager, might also join the fray. Speculation is rife that Fidelity, which manages roughly $4.9 trillion in assets, could file for its own spot Bitcoin ETF or possibly make an offer on Grayscale&#39;s GBTC ETF product.</p><p>While the SEC has yet to approve a spot Bitcoin ETF, the recent wave of applications, driven by industry giant <a href="https://cryptodaily.co.uk/2023/06/updates-on-blackrock-s-spot-btc-etf-crypto-daily-tv-19-6-2023" rel="noopener noreferrer nofollow">BlackRock&#39;s filing</a>, has renewed hope and sparked a fresh round of interest in this segment of the crypto market.</p><p><em>Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice</em>.</p>

WisdomTree and Invesco File Bitcoin ETF Applications

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