WisdomTree has joined a competitive race to be the first United States company to launch such a product on the local market. Other contenders include VanEck, which filed on Dec. 30, Valkyrie on Jan. 22, and Bitwise Asset Management and New York Digital Investment Group (NYDIG) in February. Recent rumors say investment bank giant Goldman Sachs could soon join them.
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U.S. ETF firm looks to circumvent SEC restrictions
Simplify Exchange Traded Funds’ proposed ETF would hold up to 15% Grayscale Bitcoin Trust, with the rest being invested in the U.S. stock market
The filing shows how desperate United States financial firms are to launch a Bitcoin ETF despite the SEC’s longstanding opposition, which is based on market volatility, alleged manipulation, and the purported lack of liquidity. A number of straight Bitcoin ETF proposals are pending before the SEC, including projects by Valkyrie, Bitwise, VanEck, and even Goldman Sachs. Appetites have been whetted by the success of Canada’s Purpose Bitcoin ETF, which attracted more than a half billion dollars in its first few days.
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Markets Report: Bitcoin battles final resistance before $58K all-time highs
$60,000 Bitcoin “is one corporate announcement of $BTC on the balance sheet away’ as Ether reaches for $2,000
Bitcoin beat two-week highs on March 10 as bulls propelled the largest cryptocurrency into final resistance at $56,000 before an attack on all-time highs.
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Meteoric growth of Purpose Bitcoin ETF slows, but price premium remains
The first Canadian exchange traded fund’s massive initial inflow subsided at around $500 million, but it still commands a price premium over BTC of nearly 30%
“The initial surge in interest was evidence of some combination of pent-up demand, investors switching from other means of getting Bitcoin exposure, and the fact that Bitcoin’s price was notching new highs as the Purpose ETF began trading,” said Ben Johnson, Morningstar’s global director of ETF research. “Longer term, I expect volumes will be correlated with Bitcoin’s price.”
