WisdomTree has submitted a revised spot Bitcoin ETF application to the Securities and Exchange Commission (SEC). Following this development, a Bloomberg analyst commented that there could be a delay in the response process from the SEC. It should be noted that the famous company is lagging behind other companies in revising its application.
Revise Application from a Company Managing $93 Billion
WisdomTree, an asset management company managing $93 billion, has submitted a revised spot Bitcoin ETF application to the US Securities and Exchange Commission (SEC). Bloomberg ETF analyst James Seyffart made a statement regarding the matter. He emphasized that WisdomTree still plans to launch an ETF. However, he highlighted that they lag behind other companies in revising their application.
Seyffart stated that it has become mandatory for all applicants to revise their files, emphasizing that this is part of the process and not a critical stage. The Bloomberg senior ETF analyst also made a criticism. He said that WisdomTree and Franklin were not included in the Bitcoin ETF race because they applied too late and lagged behind. However, the analyst also expressed a concern. According to him, the SEC may wait for the update of such revised files before making second-round decisions. This would mean a longer process.
Status of Other Applications
Companies making moves for a Spot Bitcoin ETF, including BlackRock, have already submitted revised spot Bitcoin ETF applications. The SEC has requested details regarding risk disclosures, new language, fund collection, and more context. VanEck highlighted their plans to create a BTC ETF with funds settled in physical BTC. Bloomberg’s ETF analysts see a 90% chance of approval for a spot Bitcoin ETF. They also believe that the SEC will approve a spot Bitcoin ETF after the January deadline.
Meanwhile, Bitcoin’s price has experienced a 3% decline in the last 24 hours. Accordingly, the price is trading at $36,433. On the other hand, within the last 24-hour period, we see that the lowest point of Bitcoin BTC was $35,545, and the peak level was $37,619. The $38,000 level has become a critical resistance for BTC. The price has tested this level but has not yet surpassed it.
