WisdomeTree has recently submitted an amended proposal for their Bitcoin exchange-traded fund (ETF) application. This step further signifies the multiple major players, such as Bitwise, GlobalXETFs, Fidelity, and BlackRock's pursuit for a Bitcoin ETF. This would create a new fund product that bases its exposure to Bitcoin off of its current price, also known as a "spot" ETF, as opposed to ones that make use of futures contracts. However, while such a product is appealing, the process of obtaining approval is fraught with delays and regulatory hurdles. It is apparent that such a product must pass through a longtime, rigorous approval process, with analysts estimating a 90% chance of approval by 2024.



Other News from Today