WisdomTree Amends Its S-1 Filing for the Bitcoin ETF

The prominent global exchange-traded fund (ETF) provider, WisdomTree, has filed an amendment to the S-1 form of its prospectus for a spot Bitcoin ETF with the United States Securities and Exchange Commission (SEC).

This update, submitted on November 16, follows a previous filing of the ETF request in June 2023. On that occasion, the company proposed a rule change to list and trade shares of the WisdomTree Bitcoin Trust on the BZX Exchange by the Chicago Board Options Exchange (CBOE).

The amendment to the S-1 form specifies crucial details. The WisdomTree Bitcoin Trust ETF will trade under the symbol BTCW, with Coinbase Custody Trust serving as the custodian, managing all of the fund’s bitcoins on behalf of investors.

James Seyffart, a Bloomberg analyst, interprets this update as a sign that WisdomTree remains committed to launching the ETF and is in discussions with the SEC to explore this opportunity. Seyffart emphasizes that the S-1 form amendment is a common step in the process and does not represent a critical development.

Okay, we're nearing in on deadline dates for 3 spot #Bitcoin ETF applications. I want to get ahead of it because there's a pretty good chance we'll see delay orders from the SEC. Delays WOULD NOT change anything about our views & 90% odds for 19b-4 approval by Jan 10, 2024 pic.twitter.com/LE7sOlHAHM

— James Seyffart (@JSeyff) November 14, 2023

This decision by WisdomTree comes at a time when other companies that filed applications for an ETF are making similar adjustments.

Two Companies Did Not Amend Their Bitcoin ETF Filings

According to Seyffart’s data, out of the 12 companies that filed applications for a spot Bitcoin ETF in the U.S., only two have not yet amended their S-1 filings with the SEC: Franklin Templeton and Global X.

Regarding timelines, Franklin Templeton awaits its first deadline on November 17, while Global X, which has not amended its S-1 filing, awaits its second deadline on November 21.

The ETF analyst community anticipates that the SEC could initiate another round of delays in decisions related to upcoming deadlines.

Despite these potential delays, Seyffart maintains an optimistic outlook, holding a 90% probability that the SEC will approve a spot Bitcoin ETF by the end of January 2024.

While waiting for the SEC responses, it seems that there is little time left for the landscape to become clearer.