{"id":25900,"date":"2023-06-22T07:11:08","date_gmt":"2023-06-22T11:11:08","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-etf-invesco-wisdomtree-join-push-why-it-might-happen\/"},"modified":"2023-06-22T07:11:10","modified_gmt":"2023-06-22T11:11:10","slug":"bitcoin-etf-invesco-wisdomtree-join-push-why-it-might-happen","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25900","title":{"rendered":"Bitcoin ETF: Invesco, WisdomTree Join Push. Why It Might Happen."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

The white whale of the mutual-fund industry\u2014an exchange-traded fund that owns Bitcoin\u2014is in Wall Street\u2019s sights. This time, there\u2019s some hope they catch it.<\/p>\n

\n Bitcoin
\n \u2018s market capitalization has surged 78% this year to $573 billion, making it one of the most valuable assets not held by an ETF. The Securities and Exchange Commission has routinely rejected efforts to create one, citing a lack of surveillance on the platforms where Bitcoin trades and the potential for fraud and market manipulation.<\/p>\n

\n

But fund companies have reason to believe the agency might need to soon give in, whether or not it wants to.<\/p>\n

Late Tuesday, fund companies
\n Invesco
\n (ticker: IVZ) and
\n WisdomTree
\n (WT) refiled applications with the SEC to launch ETFs that hold actual Bitcoin, unlike the Bitcoin-futures products already on the market. They joined
\n BlackRock
\n (BLK), which filed its own application last week.<\/p>\n

Bitcoin investors cheered the news, with the token up 17% since BlackRock\u2019s application to about $29,439.<\/p>\n

BlackRock and Invesco declined to comment.<\/p>\n

\u201cThis is a firm continuation of our stance from our initial filing based on WisdomTree\u2019s extensive experience in ETFs and our belief in the power of transparency and putting out products that meet high regulatory, compliance and security frameworks that lead to success for investors,\u201d said WisdomTree head of digital assets Will Peck, in a statement.<\/p>\n

The SEC declined to comment.<\/p>\n

The first reason for hope is a wrinkle in BlackRock\u2019s application. Unlike some prior efforts, BlackRock says it will share surveillance of a trading platform with Nasdaq, an attempt to satisfy the SEC\u2019s earlier concerns. In approving Bitcoin futures ETFs, such as ProShares Bitcoin Strategy (BITO), the SEC was appeased by market surveillance on the Chicago Mercantile Exchange, where such futures trade. In contrast, the vast majority of platforms that trade spot Bitcoin, such as that of
\n Coinbase
\n (COIN), aren\u2019t registered with the SEC or the Commodity Futures Trading Commission, which the agency says creates the potential for manipulation.<\/p>\n

Most crypto trading platforms, including Coinbase, say they do perform extensive monitoring for manipulation despite not registering with an agency, and that there\u2019s no legitimate path to register with the SEC even if a company tried.<\/p>\n

The second reason for optimism is a pending court case in the U.S. Court of Appeals for the District of Columbia Circuit between the SEC and Grayscale Investments. Grayscale for years has sought in vain to convert a fund it runs, the
\n Grayscale Bitcoin Trust
\n (GBTC), into an ETF.<\/p>\n

The trust, which is the industry\u2019s largest at $17.5 billion under management, trades like a closed-end fund with a price that can deviate widely from that of the Bitcoin it holds. On Tuesday, the fund traded at a 33% discount. Grayscale charges a hefty 2% annual fee on the fund\u2019s assets, which its executives have said would come down if it converted to an ETF.<\/p>\n

Grayscale last year sued the SEC alleging that it violated the law by treating Bitcoin futures and Bitcoin spot ETFs differently. At a hearing this March, judges sounded skeptical of the agency\u2019s arguments distinguishing between surveillance of the products\u2019 underlying markets.<\/p>\n

The court could issue a decision in that case any day, and Grayscale has said it expects it by the fall.<\/p>\n

Even if Grayscale wins the case, the approval of a spot ETF isn\u2019t guaranteed. The SEC could reject the ETF on some other basis or try to rewind its approval of Bitcoin futures ETFs. It could also seek to appeal the appellate court\u2019s decision to the Supreme Court, if the Solicitor General agreed to take up the case.<\/p>\n

But even with those uncertainties, Wall Street clearly sees value in rejoining the race for a Bitcoin ETF and for the lucrative fees such a product could generate.<\/p>\n

Write to Joe Light at joe.light@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The white whale of the mutual-fund industry\u2014an exchange-traded fund that owns Bitcoin\u2014is in Wall Street\u2019s sights. This time, there\u2019s some hope they catch it. Bitcoin \u2018s market capitalization has surged 78% this year to $573 billion, making it one of the most valuable assets not held by an ETF. The Securities and Exchange Commission has […]<\/p>\n","protected":false},"author":1,"featured_media":25901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-25900","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin ETF: Invesco, WisdomTree Join Push. 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