New York-based asset manager WisdomTree has filed a Bitcoin Exchange Traded Fund (ETF) application with the US Securities and Exchange Commission.

The company submitted an application on March 11. It is stated that WisdomTree Bitcoin Trust will trade on the BZX platform in the Chicago Options Exchange under the symbol BTCW. The trust will give investors an organized way to know the price of bitcoins and let speculators make transactions through their brokers.

The contracts will be settled at the calculated bitcoin price of US CF on the Chicago Mercantile Exchange, which is a price index that tracks the price based on the major BTC exchanges.

The proposed ETF is not WisdomTree’s first strike in cryptocurrencies, as the company currently operates the groundbreaking ETH Founding Fund.

In June 2020, WisdomTree applied for an ETF that invests up to 5% of its capital in BTC futures, although the fund is primarily focused on energy, agriculture and minerals. In December 2019, the company launched a subsidized bitcoin exchange product that was listed on the SIX Swiss Exchange.

WisdomTree is not alone in seeking SEC approval for Bitcoin ETFs. Last month, the finance company NYDIG applied for a Bitcoin ETF, and Morgan Stanley, the largest investment bank in the United States, was among the approved participants in the proposed fund.

VanEck, a pioneer in listed products, applied for its BTC fund in January, as well as an ETF to track the results of leading crypto firms. In the same month, Texas-based Valkyrie Digital Assets also applied for a Bitcoin ETF.

However, VanEck’s application for ETF approval may be affected by an ongoing lawsuit from its former partner, blockchain tech company SolidX, when the company accuses VanEck of stealing a product that the two companies worked on together during 2018 and 2019.

Source: CoinTelegraph

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