WisdomTree and Invesco file applications to launch bitcoin ETFs

Asset managers WisdomTree and Invesco, following BlackRock, filed with the SEC applications to launch spot exchange-traded funds based on digital gold.

The firms sought to implement the initiative in 2021.

To date, the Commission has declined all applications for approval of spot bitcoin ETFs. An exception was made forProShares and Valkyrie Investments, which are based on bitcoin futures on the Chicago Board of Trade.

WisdomTree Bitcoin Trust and Invesco Galaxy Bitcoin ETF could gain listings on the competing CBOE.

As with BlackRock, to allay concerns about market manipulation by the SEC, WisdomTree will consolidate price data from multiple bitcoin exchanges. U.S. Bank will serve as custodian. Invesco has chosen Galaxy Digital as its partner.

As of June 21, the price of Bitcoin rose above $30,000. This came amid news from BlackRock.

Earlier the Wall Street Journal editorial accused the head of the SEC Gary Gensler of a ‘confusing’ approach to approving a spot bitcoin ETF.