Wisdomtree ETF file with 5% exposure to Bitcoin in the context of SEC resistance


Wisdomtree has applied for a commodity fund with 5% exposure to bitcoin, in a new effort to bring an exchange-backed exchange-traded fund (ETF) to the market.

According to a filing filed with the U.S. Securities and Exchange Commission (SEC), the fund is targeting investments primarily in energy, industrial metals, precious metals and agricultural goods primarily through copper futures.

If approved, the Wisdomtree Enhancing Commodity Strategy Fund will also include up to 5% of net assets in cash-backed Bitcoin futures (BTC) contracts traded on the Chicago Monetary Exchange (CME). , the world's third largest BTC futures market.

While that makes BTC a small part of the fund's total portfolio, it can still make a significant impact in a desperate market for a product that keeps retail investors exposed. with bitcoin, without actually owning any currency.

After that, the fund will not invest directly in bitcoin, noted on June 16. Wisdomtree is a property management company operating in New York. It manages assets worth more than $ 60 billion.

The company's new hybrid app will once again check the SEC's appetite for an exchange-traded exchange fund backed by bitcoin. Until now, regulators have consistently rejected pure bitcoin ETF proposals from Bitwise, Gemini and Wilshire Phoenix on the grounds that they could manipulate the bitcoin market, custody issues and lack of scrutiny. Central control among other factors.

Meanwhile, the institutional interest in BTC continues to grow, with demand for CME bitcoin futures contracts and open interest rates reaching a record high of nearly $ 500 million in May. Billionaire fund manager Paul Tudor Jones last month also expressed an interest in bitcoin futures, claiming to have 2% of his assets in cryptocurrencies.