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WisdomTree’s Spot Bitcoin ETF Rejected by the SEC
It's the latest in a string of spot bitcoin ETF denials by the D.C. regulator.
Updated Mar 8, 2024, 4:40 p.m. Published Oct 11, 2022, 3:38 p.m.
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The WisdomTree Bitcoin Trust was not approved by the U.S. Securities and Exchange Commission (SEC) on the grounds of not enough investor protection.
The move comes as no surprise because the SEC has made clear for years it has no intention of approving a spot bitcoin exchange-traded fund (ETF).
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There have a number of rejections over the past few months, the most notable of which was an application by Grayscale Investments to convert its massive Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF. Grayscale and CoinDesk are each subsidiaries of Digital Currency Group.
WisdomTree was previously denied approval to list a spot bitcoin ETF in 2021, so this was the company's second attempt at that listing.
Read more: A Bitcoin ETF Is Long Past Due, Crypto Lobbyists Say in New Report
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- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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