Three companies applied for Bitcoin-ETF following BlackRock

WisdomTree, Invesco and Bitwise followed BlackRock’s lead and applied for permission to launch a spot exchange-traded BTC product (ETF)

Three major investment companies applied for Bitcoin-ETF following BlackRock. Following it, WisdomTree, Invesco and Bitwise applied to the U.S. Securities and Exchange Commission (SEC) for permission to launch a spot exchange-traded product based on the first cryptocurrency.

Asset manager WisdomTree is trying for the third time to get permission to create a spot Bitcoin ETF in the U.S. On June 20, it applied to launch the new product on the Cboe BZX exchange under the ticker BTCW.

Another company, Invesco, which has $1.4 trillion in assets under management, also reapplied for a Bitcoin-based spot exchange-traded fund.

Bitwise, a cryptocurrency-focused asset management company, has applied for ETF approval from the SEC, taking its cue from BlackRock, according to Blockworks. It had already applied once before, in 2021, but the regulator rejected it in the summer of 2022.

In all, more than 30 attempts have been made by various companies to create a spot exchange-traded fund for Bitcoin. But all applications were rejected by regulators, who cited market problems and a lack of investor protection.

Despite the constant rejections, on June 15, iShares, a division of investment firm BlackRock. And which has about $9 trillion under management, filed paperwork to register the iShares Bitcoin Trust. This was the impetus for other major companies to once again try to launch Bitcoin exchange-traded products.

Our experts note that after WisdomTree, Invesco and Bitwise became known on the evening of June 20. BTC price began to rise.