Growing Demand for Bitcoin ETFs Spurs Asset Managers to File Applications

Following BlackRock’s recent application, two more U.S.-based asset managers have filed for spot Bitcoin exchange-traded funds (ETFs).

WisdomTree resubmitted its application for the WisdomTree Bitcoin Trust, aiming to provide investors with exposure to Bitcoin’s price movements. The trust plans to list on the Cboe BZX Exchange. Invesco, another major investment company, also filed its application, highlighting the risk for U.S. investors without a spot Bitcoin ETF. Approval of such an ETF would enhance investor protection. The SEC’s past concerns about volatility and market manipulation have hindered the approval of a physical Bitcoin ETF.

However, the growing demand for regulated investment vehicles in the crypto space is prompting asset management giants to pursue these applications. The price of Bitcoin responded positively to the news, surpassing $28,000 for the first time since May 8.

Clever Robot News Desk 22^nd June 2023