- Companies seek to take advantage of the “loophole” opened by BlackRock
- Both of them have already tried to sell exchange-traded products, but were refused.
- So, for example, WisdomTree is applying for the third time
- BlackRock’s ETF approval could set a precedent and push the market forward
Apparently, BlackRock started a chain reaction in the US market. Following the fund, two large companies applied for a spot Bitcoin ETF. WisdomTree, for example, is doing this for the third time.
About it declared Eric Balciunas, Senior Analyst at Bloomberg. Note that WisdomTree tried twice to issue an ETF in the US. The company submitted applications in 2021 and 2022, and both were rejected.
The SEC (Securities and Exchange Commission) explained its decision by the fact that these exchange products allegedly did not meet the standards for protecting the interests of investors.
The new product appears in the papers as “WisdomTree Bitcoin Trust”. It has the same structure as the Bitcoin ETF from BlackRock. It is obvious that the company is trying to follow the already beaten path.
Invesco also re-applied. It has also already tried to enter the Chicago Board Options Exchange in 2021, but abandoned this plan under pressure from competition with ProShares. As a reminder, we previously reported that BlackRock had filed an application to register a spot bitcoin ETF. If the fund receives regulatory approval, and the chances of this are quite high, it will be the first exchange product of its kind in the US.