WisdomTree Ready To Operate In New York Offers Bitcoin Spot ETF

JAKARTA - WisdomTree, one of the issuers of Exchange Trade Funds (ETF) Bitcoin spot, plans to expand its business in New York. Based on a report bytenuh Terrett from FOX Business, WisdomTree has collaborated closely with the Department of Financial Services of the State of New York (NYDFS) to obtain an operating permit as a provider of digital asset services.

There has been no official announcement from WisdomTree regarding this expansion plan. However, some sources close to the situation say that the NYDFS is close to granting WisdomTree a Limited Purpose Trust Charter agreement. This permit will allow WisdomTree to legally store and manage digital assets such as Bitcoin in New York.

WisdomTree will be one of the nine companies that have the permission, along with Coinbase, Fidelity Digital Assets, and others. In addition, WisdomTree will also be the first Bitcoin Spot ETF issuer to operate in New York, having previously received approval from the US Securities and Exchange Commission (SEC) to offer its products in the stock market.

WisdomTree is not alone in leveraging the opportunity for the Bitcoin Spot ETF market in the US. Since the SEC approved 11 Bitcoin Spot ETF applications on January 10, 2024, there have been many publishers competing to attract investors. As of January 26, 2024, Spot's Bitcoin ETF trading volume in the US has reached $4.6 billion, with the price of Bitcoin rising to $448,922 per coin.

One of WisdomTree's biggest competitors is Grayscale, which changed its product Grayscale Bitcoin Trust (GBTC) to Bitcoin Spot ETF. GBTC to Bitcoin Spot ETF with the highest trading volume, namely $338 million (around IDR 5.3 trillion) on 16th trading day. In second and third place is BlackRock's IBIT with $233.4 million (around IDR 3.7 trillion) and Fidelity's FBTC with $176.4 million (around IDR 2.8 trillion).

Meanwhile, WisdomTree's BTCW is still far behind with a trading volume of only $18.2 million (approximately IDR 286 billion). Expansion to New York is expected to increase the performance and popularity of BTCW among investors. According to data from Coingape, the total net flow of all Bitcoin Spot ETF publishers currently reaches $1.06 billion (approximately IDR 16.7 trillion) with more than 100,000 BTC under asset management.

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Tag: teknologi kripto bitcoin