A widely known provider of exchange-traded funds (ETFs) and exchange traded securities (ETNs) WisdomTree has taken a large step forward by filing a Bitcoin Spot ETF application with the US Securities and Exchange Commission (SEC) .
WisdomTree has already made progress in the European market with a Bitcoin ETN which has collected over 164 million euros in administered assets since its introduction in November 2019 . This physically backed ETN offers investors a way to get exposure to Bitcoin and is listed on various exchanges including Börse Frankfurt . With an annual total expense ratio of 0 . 95 % the ETN has gotten attention from investors who are searching for BTC related investment options .
SEC Yet to Approve Bitcoin ETF Despite Numerous Applications
However WisdomTree has faced its fair share of challenges in bringing a Bitcoin ETF to the U .S . market . The firm previously filed applications for two Bitcoin futures ETFs in 2020 and 2021 but eventually withdrew them due to regulatory uncertainty and a lack of SEC approval . Despite receiving several proposals from various issuers the SEC has yet to greenlight any Bitcoin ETFs in the United States .
The Future of Bitcoin ETFs
The cryptocurrency sector is patiently awaiting the SEC’s verdict as WisdomTree joins the list of companies asking for acceptance as it strives for SEC approval . If approved a Bitcoin Spot ETF could offer access to an increased number of investors including traditional institutional investors who want to invest in Bitcoin but are reluctant to wrestle with the inconveniences of managing and holding it .
The application being submitted by WisdomTree points out a commitment to bringing regulated Bitcoin investment products to the U.S. market even though the road to SEC approval is still unclear . The widespread implementation of a Bitcoin ETF would be an important turning point in bridging the gap between traditional finance and the realm of digital assets as the bitcoin ecosystem expands .
