The US SEC has begun its review of WisdomTree’s bitcoin ETF application, which means it will soon reach a final decision.
The SEC published a public notice at the end of the week in which it announced it would start evaluating the WisdomTree Bitcoin Trust, which the ETF giant filed with Cboe BZX Exchange. WistomTree had initially filed for this ETF a month ago.
A bitcoin ETF would offer retail and institutional investors the possibility of investing in a regulated financial product that includes Bitcoin but without having to ask them to invest in it directly. This is considered to be a safer way of receiving exposure to the crypto sector, which is still in its infancy but is known to be volatile.
This represents the second active Bitcoin ETF application the SEC is evaluating, after VanEck, which had its initial comment period closed on Friday but with only five comments filed. The final decision regarding VanEck will arrive in May.
Also on Friday, Kryptoin Investment Advisors filed a registration form for a bitcoin ETF. This means that the total number of active applications has grown to eight, according to CoinDesk.com. The others include names such as NYDIG, Simplify, SkyBridge Capital, Wise Origin Bitcoin Trust, and Valkyrie.
Until now, the SEC is known to have blocked any attempts at launching a Bitcoin ETF, rejecting more than a dozen applications in the past. But with things changing in the crypto sphere, it is expected that the SEC will finally approve an ETF this year.
Countries like Brazil and Canada have already done so.