WisdomTree Revises Bitcoin ETF to Select Bank of America as Trustee

New York-based financial regulator WisdomTree has restructured its Bitcoin Securities Exchange (ETF) file with the United States Securities and Exchange Commission to list Bank of America as a trustee.

In Wednesday's case, WisdomTree appointed the National Association of Banks of America as chairman of its Bitcoin trust fund (BTC). This information is an update to the March 11 Bitcoin Exchange-Exchange Fund (ETF) filing with the United States Securities and Exchange Commission before the Bank of America provided cryptocurrency services to investors.

On December 2, the United States Securities and Exchange Commission rejected the Cboe BZX exchange deal to list WisdomTree's Bitcoin Trust shares and change its trading rights. Since WisdomTree waited 265 days from the date the application was first filed for it to be rejected by the SEC, it is not clear if the latest update is intended to program applications for placement of new Bitcoin ETFs. A separate ETF application for WisdomTree's Ethereum Trust, submitted to the United States Securities and Exchange Commission in May, is still under review.

WisdomTree has more than $ 76 billion in assets under management and has reported four cryptocurrency measures in the United States and Europe to provide investors with a range of risks. Additionally, the company already has exchanges that invest in a basket of cryptocurrencies on the Euronext Paris and Amsterdam stock exchanges.

U.S. regulators have yet to approve cryptocurrency exchanges. However, the United States Securities and Exchange Commission (SEC) has cleared cryptocurrency products linked to futures contracts, such as ETFs BTC Futures, through investment regulators ProShares and Valkyrie. Other U.S. companies, including Fidelity, have asked Canadian regulators for ETFs with direct access to cryptocurrencies.