WisdomTree updates Bitcoin ETF’s S-1 form filing as the crypto crowd awaits SEC rulings

Global exchange-traded fund (ETF) provider WisdomTree filed an updated Form S-1 for its Bitcoin (BTC) ETF prospectus with the United States Securities and Exchange Commission (SEC) on November 16.

The update comes just a few months after WisdomTree filed a June 2023 filing of a Bitcoin ETF application with the Chicago Board Options Exchange (CBOE) changing the rules to allow WisdomTree Bitcoin Trust shares to be listed and traded on the BZX exchange.

The updated prospectus mentions that the WisdomTree Bitcoin Trust ETF trades under the ticker symbol BTCW, acts as a custodian with the Coinbase Custody Trust and holds all of the trust's Bitcoin on its behalf.

According to Bloomberg ETF analyst James Seifert, the filing of the revised S-1 form for the Space Bitcoin ETF by WisdomTree means that the company is still planning to launch an ETF and is in discussions with the SEC.

“All issuers are expected to file one of these to be able to launch their EEF at some point. Just a step in the process. Nothing critical,” Seifert wrote on X (formerly Twitter).

Eric Balchunas, another Bloomberg ETF expert, noted that WisdomTree took a “long time” to update its S-1 form Bitcoin ETF filing. “Please tell me the SEC is not waiting for all S-1s to be updated before issuing a second round of comments,” he added.

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According to Seifert's data, only two of the 12 firms that filed for such a product in the U.S., including Franklin Templeton and Global X, failed to update their S-1 filings with the SEC.

OK, we're close to the deadline for applications for the 3 position #Bitcoin ETF. I'd like to preface it because there's a good chance we'll see delayed orders from the SEC. Delays will not change anything about our outlook and 90% chance for 19b-4 in 2018. January 10, 2024 approval pic.twitter.com/LE7sOlHAHM

— James Seyff (@JSeyff) November 14, 2023

Franklin Templeton is among the companies waiting for the first Bitcoin ETF deadline on November 17, alongside Hashdex, the deadline was moved by the SEC a few days ago.

Global X, another firm that did not update its S-1 filing, is also maintaining its second position in the Bitcoin ETF on Nov. 21.

Bloomberg ETF analysts such as Seyffart expect the SEC to make another round of delays in its decisions on the upcoming deadline in the near future. However, Seifert still believes the delays won't change his view that the SEC position has a 90% chance of approving the Bitcoin ETF before the end of January 2024.

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