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The race to launch a spot Bitcoin Exchange Traded Fund (ETF) in the US is heating up. Invesco and tree of wisdom Submit your own Bitcoin ETF to the Securities and Exchange Commission.
Tuesday, Wisdom Tree It has been submitted It has asked the SEC to allow WisdomTree Bitcoin Trust to list its funds. CBOE BZX Exchange It’s under the ticker “BTCW”.
The asset manager, which manages $83 billion in assets, has so far applied for spot Bitcoin ETFs twice.
The first application was rejected by the SEC in December 2021. A second application was again rejected in October 2022, citing similar fraud and market manipulation concerns by financial regulators.
To address these concerns, Cboe entered into a “surveillance sharing” agreement with Spot. Bitcoin (BTC) platform.
Similarly, Invesco submitted an application for the Invesco Galaxy Bitcoin ETF hours after the application by WisdomTree.
in 19b-4 documentThis notifies the SEC of the proposed rule change, and Invesco has asked financial regulators to allow the listing of its “Invesco Galaxy Bitcoin ETF” product on the Cboe BZX exchange.
The filing states that a spot Bitcoin ETF that utilizes “professional custodians and other service providers” would eliminate the need for investors to rely on “loosely regulated offshore vehicles” and make it easier for investors to “bit It is stated that it will be able to “protect the main investment in the coin”. “
The move follows BlackRock’s surprise filing of a Spot Bitcoin ETF on June 15th.
The SEC currently only authorizes Bitcoin ETFs tied to US-traded futures.
The commission has consistently cited insufficient oversight of the inter-exchange market as one of the reasons it has yet to approve a Bitcoin spot ETF.
However, Invesco argued in its filings that the United States was an exception among major markets that did not have the means of spot exposure. Many countries, including Canada and Brazil, allow investors to use products listed and traded on traditional exchanges to gain exposure to Bitcoin.
Hopes of Grayscale GBTC Converting into ETF Renewed
The ETF filing by BlackRock has also revived hopes that the Grayscale Bitcoin Trust (GBTC) will convert its fund into an ETF.
In fact, the impact pushed GBTC shares above $16 on Tuesday, up 11.44% by the end of the trading day. Data from Yahoo Finance. It is the first time the fund has reached this level since May 10.
Analysts said the surge in GBTC’s shares has weighed on investors who are optimistic that the fund could convert to an ETF amid Grayscale’s ongoing lawsuit against the SEC. I think I received it.
“Many take BlackRock’s conviction as a sign that Grayscale expects to prevail against the SEC and would like to participate in the ETF application if that happens. said a macro analyst. Noel Acheson reportedly said in a memo:.
Grayscale first filed an application to convert GBTC into an ETF in 2016.
In June 2022, after the SEC denied its ETF application, Grayscale filed a petition with the Court of Appeals for the District of Columbia to challenge the decision.