After BlackRock, investment firms WisdomTree and Invesco have applied to launch spot Bitcoin ETFs.
The same worries about fraud and market manipulation led to the rejection of its second application in October 2022. WisdomTree manages over $83 billion in assets as of this writing.
BlackRock’s latest SEC filing differs from previous ones in many crucial respects, including the fact that the company plans to engage in a “surveillance sharing agreement” with the futures markets at the Chicago Mercantile Exchange (CME).
BlackRock’s proposal refers to the SEC’s acceptance of a Bitcoin futures fund managed by Teucrium. In that decision, the CME was praised for its “comprehensive surveillance of futures market conditions and price movements in real time and on an ongoing basis” to identify and stop any price manipulation.
Invesco, a worldwide investment management firm, “reactivated” its application for a competing product less than four hours after WisdomTree did the same.
The SEC was notified of Invesco’s desire to list its “Invesco Galaxy Bitcoin ETF” on the Cboe BZX exchange via Form 19b-4, which is used to notify the SEC of a proposed rule change.
Balchunas said that cryptocurrency investors might have cause to be enthusiastic about BlackRock’s action, as the business has a “575-1” record of having ETFs authorised by the regulator.
WisdomTree and Invesco aren’t the only ones jumping on the spot Bitcoin ETF bandwagon; there have been rumblings that multi-trillion dollar fund manager Fidelity Investments is considering doing the same thing.
Fidelity Investments, which oversees around $4.9 trillion in assets, may seek to apply for its spot in Bitcoin ETF, according to a tweet from Arch Public co-founder AP_Abacus on June 19. Abacus also mentions that the business may bid on the Grassyscale GBTC ETF.
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