BlackRock’s spot Bitcoin exchange-traded fund (ETF) filing has initiated a new wave of institutional interest in digital assets as both WisdomTree and Invesco have since re-filed paperwork for their own Bitcoin ETFs after they were initially rejected by the Securities and Exchange Commission (SEC).
Invesco’s Push for a Bitcoin ETF
On Tuesday, Invesco submitted its paperwork for its “Invesco Galaxy Bitcoin ETF” with the SEC, arguing that the lack of a spot BTC ETF in the US puts investors at considerable risk as it can lead to the utilization of “riskier means” to access cryptocurrencies. Invesco previously attempted to get a Bitcoin ETF approved through its partnership with Galaxy in 2021 but abandoned those plans several months later after it became clear that the SEC would not be approving it.
WisdomTree Files for Bitcoin Trust
WisdomTree filed its paperwork for the “WisdomTree Bitcoin Trust” on Tuesday, saying that “the bitcoin market has matured such that it is operating at a level of efficiency and scale similar in material respects to established global equity, fixed income and commodity markets.” The SEC previously rejected WisdomTree’s spot Bitcoin ETF applications in Dec. 2021 and Oct. 2022.
Bitwise Asset Management Joins the Race
Bitwise Asset Management, the world’s largest crypto index fund manager, also re-filed the paperwork for its Bitwise Bitcoin ETP Trust on Friday. The firm originally filed for the spot BTC ETF in Oct. 2021 but had its application rejected by the SEC in June 2022.
BTC Price Rally
As a result of the sudden flurry of Bitcoin ETFs from firms that are influential in the financial industry, the price of BTC rallied back above $30,000 on Wednesday, its highest price since April 26, with bulls now looking to extend the gains and push BTC to its highest price in 2023.
