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December 21, 2021 at 02:44 PM
What You Need to Know
- The asset manager and the Cboe, which would list the ETF, have amended their original SEC filings.
- U.S. Bank National Association would be the custodian of the ETF, which would voluntarily comply with the 1940 Investment Company Act.
- The revised application also removes language on Bitcoin risks as a commodity, ETF Hearsay founder Henry Jim says.
WisdomTree isn’t giving up on trying to get approval for its spot Bitcoin ETF application, which the Securities and Exchange Commission rejected earlier this month. The asset manager and the Cboe, which would list the ETF, have filed amendments to their original SEC filings in response to the agency’s rejections.
WisdomTree announced that U.S. Bank National Association would be the custodian of the EFT, whose ticker symbol it changed to BTCW, and the ETF would voluntarily comply with the requirements of the 1940 Investment Company Act even though the trust is not registered under the act.
As such, it will custody assets; provide daily disclosures of holdings and net asset value per share, including premiums and discounts, at the end of the day; and have its financial statements audited. The revised application also removes language on Bitcoin risks as a commodity, according to Henry Jim, founder of ETF Hearsay.
