Bitcoin ETF Race Heats Up: More Big Firms Apply For Bitcoin ETF

At least two investment firms are trying to launch Bitcoin exchange-traded funds (ETFs). This comes after BlackRock, a huge investment company, applied to launch a Bitcoin ETF on June 15.

WisdomTree, a New York-based investment firm, recently applied to launch a Bitcoin ETF called "WisdomTree Bitcoin Trust." It wants to list it on the Cboe BZX Exchange under the name "BTCW." The SEC has rejected two of WisdomTree's previous applications because of worries about fraud and market manipulation. 

Different from WisdomTree's application, BlackRock plans to share surveillance with the Chicago Mercantile Exchange (CME) futures markets**. This is to help detect and prevent price changes caused by manipulation. 

WisdomTree also said in its filing that it would like to share surveillance with "an operator of a US-based spot trading platform for Bitcoin."

Not long after WisdomTree applied, Invesco, a global investment manager, also applied to launch a similar product called "Invesco Galaxy Bitcoin ETF." 

Invesco said in its filing that a Bitcoin ETF that uses "professional custodians and other service providers" removes the need for investors to rely on less regulated offshore vehicles. This would allow investors to protect their Bitcoin investments better.

While the SEC has not yet approved a single Bitcoin ETF, Bloomberg senior ETF analyst Eric Balchunas said that BlackRock's application might increase the chances of approval. 

Finally, rumors suggest that Fidelity Investments, a fund manager that handles around $4.9 trillion, may also apply to launch a Bitcoin ETF or make an offer on Grasyscale's GBTC ETF product.