BlackRock’s Bitcoin ETF Renewal Spurs Wave of New Filings

• Blackrock’s recent application for a spot Bitcoin ETF has sparked similar filings from investment managers WisdomTree and Invesco.
• These firms are seeking to list their own Bitcoin ETFs on the Cboe BZX Exchange.
• The filings note that the firms are willing to enter into „surveillance sharing agreements“ with US-based spot trading platforms for Bitcoin.

Blackrock’s Spot Bitcoin ETF Renewals Optimism

Blackrock, one of the world’s largest asset management firm, recently filed an application with the United States Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF). This move has sparked renewed optimism amongst investors, as two other investment firms, WisdomTree and Invesco have followed suit by filing their own applications for similar products.

WisdomTree’s Application Filing

New York based asset management firm WisdomTree is the most recent investment firm to lodge a new filing for a spot Bitcoin ETF. According to their June 21st filing with the SEC, WisdomTree requested permission to list its “WisdomTree Bitcoin Trust” on the Cboe BZX Exchange under the ticker “BTCW”. This is not WisdomTree’s first attempt at launching a spot bitcoin ETF; its first application was rejected by the SEC in December 2021 and its second application was also rejected in October 2022 due to concerns about fraud and market manipulation.

Invesco Reactivates Its Application

Less than four hours after WisdomTree filed its application, global investment manager Invesco reactivated its own application for a similar product. According to their 19b-4 document which informs the SEC of proposed rule changes, Invesco requested permission to list its “Invesco BTC Exchange Traded Product” on NYSE Arca under the ticker “GBTC”. It is unclear why Invesco decided to reactivate this application now after keeping it dormant since March 2018 when it was initially filed with NYSE Arca.

„Surveillance Sharing Agreements“

Both of these filings note that these firms are willing to enter into „surveillance sharing agreements“ with US-based spot trading platforms for Bitcoin in order to ensure price accuracy and detect any potential market manipulation efforts. BlackRock specifically mentioned Teucrium Trading LLC as an example of such an agreement in its proposal citing that company’s approval by the SEC last year as proof that surveillance agreements can help prevent price distortions caused by manipulation attempts.

Conclusion

It remains uncertain if any of these latest applications will be approved or denied; however, it appears clear that institutional investors are becoming more interested in entering into cryptocurrency markets following BlackRock’s move towards launching a legitimate spot bitcoin ETF product on traditional financial exchanges around the world.

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