Investing
WisdomTree launches US Bitcoin ETF with SEC approval
© Reuters.
NEW YORK – WisdomTree, Inc. (NYSE:WT), a prominent asset manager, has announced the launch of its WisdomTree Fund (BTCW), an exchange-traded fund (ETF) providing exposure to Bitcoin, which has been approved by the U.S. Securities and Exchange Commission (SEC). This development represents a significant milestone for U.S. investors, as it marks the first time they can invest in Bitcoin through an ETF structure.
The fund, which will be listed on the Cboe BZX Exchange, aims to track the price of Bitcoin less the fund’s expenses and liabilities. Notably, the fund will have an expense ratio of 0.30%, but this fee will be waived for the first $1 billion of the fund’s assets for a six-month period starting January 11, 2024.
WisdomTree’s CEO, Jonathan Steinberg, expressed enthusiasm about the launch, highlighting the company’s commitment to innovation and its experience in offering Bitcoin exchange-traded products (ETPs) in Europe. This U.S. initiative is seen as a continuation of WisdomTree’s efforts to provide investors with regulated access to digital assets.
The company’s Global Chief Investment Officer, Jeremy Schwartz, also commented on the significance of the fund’s approval by the SEC, considering it a pivotal moment in the financial services transformation, particularly regarding access to digital assets through traditional investment channels.
WisdomTree emphasizes its responsible approach to decentralized finance (DeFi), focusing on regulatory engagement and principles of transparency and customer asset protection. However, the WisdomTree Bitcoin Fund is not endorsed or guaranteed by any regulatory agency, and potential investors are advised to carefully consider the risk profile of Bitcoin before investing.
The announcement also states that WisdomTree manages approximately $99.5 billion in global assets under management as of January 10, 2024. The company offers a range of blockchain-enabled financial products, including eight crypto ETPs in Europe and 13 blockchain-enabled Digital Funds in the U.S.
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