Crypto Market News: Within a week after News broke about Blackrock filing for an ETF application, WisdomTree Investments, one of the largest asset managers in the United States, followed suit. The company filed an application for ‘WisdomTree Bitcoin Trust’, an exchange traded fund, with the US Securities and Exchanges Commission (SEC). Interestingly, mainstream US financial companies are coming out showing interest in crypto just two weeks after the SEC filed lawsuits against Coinbase and Binance, the top two crypto exchanges by market share.
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Blackrock will continue its partnership with Coinbase, by using its custody service and spot market data for its ETF product. As and when launched, the Blackrock Bitcoin ETF could well be in a pole position to bring in institutional investors to the crypto market.
The company said it is looking to gain exposure to the price of Bitcoin with its Bitcoin Trust while maintaining low expenses. The Trust will hold Bitcoin to achieve this goal, the company said in its SEC filing on Tuesday. Also, the WisdomTree Bitcoin ETF will use an independent pricing source in valuing its Bitcoin.
On the other side, Grayscale has been fighting in court over the SEC’s rejection of its spot Bitcoin ETF application.
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