A new proposal for a bitcoin exchange-traded fund has been submitted to the U.S. Securities and Exchange Commission (SEC).
WisdomTree filed an S-1 today with the intention of listing its shares on the Cboe bZx Exchange under the ticker BTCW.
The WisdomTree Bitcoin Trust aims to provide exposure to the price of bitcoin, according to the text of the S-1. The ETF's share price will be based on the CF Bitcoin US Settlement Price, which calculates the price based on trade flow from major bitcoin spot exchanges.
A custodian has yet to be named, but Delaware Trust Company will be the trustee, per the filing. Cboe has yet to file a rule change in tandem with WisdomeTree's prospectus. The prospectus can continue to be amended throughout the process.
A recent wave of Canada-based bitcoin ETF approvals has some market watchers hopeful that the U.S. will soon follow suit. WisdomTree's filing joins a cluster of other bitcoin ETF proposals in the U.S., including VanEck's, which is also aimed at trading on Cboe's exchange. VanEck's is currently the only prospectus that has an exchange attached, and consequently, an impending decision from the SEC.
Correction: A previous version of this article said WisdomTree is using the CME CF Bitcoin US Settlement Price. The correct name is the CF Bitcoin US Settlement Price, and it is not affiliated with CME.