WisdomTree unlocks Bitcoin exposure within the ETF wrapper in the U.S., in line with the firm’s leadership in “Responsible DeFi”
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Jeremy Schwartz, WisdomTree Global Chief Investment Officer WisdomTree
WisdomTree, Inc. announces that the WisdomTree Bitcoin Fund (BTCW) was declared effective by the U.S. Securities and Exchange Commission (SEC). The historic leading wave of spot Bitcoin ETFs marks the first time U.S. investors have access to exposure to the price of spot bitcoin within the ETF wrapper.
“Core to our heritage of innovation, WisdomTree is passionate about exploring new avenues for potential value creation for investors – our role in disrupting financial services with the ETF wrapper speaks exactly to that. Now, after years of experience meeting investors’ demand for a Bitcoin ETP in Europe, we could not be more thrilled to be at the helm of the movement to accelerate access to digital assets in the United States after years of engagement with U.S. regulators,” said Jonathan Steinberg, WisdomTree Founder and CEO. “While potential investors must carefully consider if the risk profile of a digital asset such as bitcoin has a place in their portfolio, we see this effectiveness as a major step in the industry evolution that we’re leading – where the blockchain is redefining the way we see finance today.”
The WisdomTree Bitcoin Fund (BTCW) will be listed on the Cboe BZX Exchange with an expense ratio of 0.30%, although for a six-month period commencing January 11, 2024, the entire 0.30% will be waived (which represents the sponsor’s fee) for the first $1.0 billion of the Fund’s assets. The WisdomTree Bitcoin Fund’s investment objective is to gain exposure to the price of bitcoin, less expenses and liabilities of the Fund’s operations.
WisdomTree currently offers eight crypto ETPs in Europe, and concurrent with seeking to launch BTCW, has launched 13 blockchain-enabled Digital Funds in the U.S., which offer exposure to mainstream traditional asset classes with secondary recordkeeping on a blockchain.
“BTCW being declared effective by the SEC offers the nascent opportunity for investors to access bitcoin through an ETF, one of the most impactful financial innovations of our time. For investors that are willing and have the financial condition to accept more risk, but only seek to engage with this digital asset through regulated and traditional channels, this is a long-awaited opportunity in the U.S. finally coming to fruition,” said Jeremy Schwartz, WisdomTree Global Chief Investment Officer. “It cannot be denied that financial services are undergoing a major transformation; how fast we get there depends on key moments like today. WisdomTree is proud to be a part of this historic moment.”
Engagement with regulators is at the center of WisdomTree’s “responsible DeFi” ethos, which prioritizes innovation and exploration within the digital assets ecosystem while upholding the foundational principles of transparency, integrity and protection of customer assets. The WisdomTree Bitcoin Fund is not endorsed, indemnified or guaranteed by any regulatory agency.
Source: ETFWorld.co.uk
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