WisdomTree, a company that just started offering Bitcoin ETFs, is trying to get permission to sell crypto products and services to its customers in New York.
WisdomTree is growing and moving into New York.
Eleanor Terrett, a reporter from FOX Business, says that WisdomTree is teaming up with the New York State Department of Financial Services to offer cryptocurrency products and services to its customers in New York. The company that issues the Bitcoin ETF hasn’t officially said anything about the expansion yet.
Some people say NYDFS is almost ready to approve a limited purpose trust charter for WisdomTree.
🚨SCOOP: Bitcoin Spot ETF issuer@WisdomTreeFunds is working closely with @NYDFS to offer #crypto-related products and services to customers in New York. Sources say NYDFS is “very close” to approving a Limited Purpose Trust Charter for WisdomTree which means it will be able to…
— Eleanor Terrett (@EleanorTerrett) February 5, 2024
If what they say is true, the investment company can legally offer its digital asset services in New York. WisdomTree can be with Coinbase, Fidelity Digital Assets, and seven other companies that have the Limited Purpose Trust Charter.
It would be the first company to offer a Bitcoin ETF in New York after getting approval from the SEC.
More and more companies are competing to offer Spot Bitcoin ETFs.
Meanwhile, other companies offering Bitcoin ETFs are trying to increase the amount of Bitcoin they are trading. On trading day 16, Grayscale GBTC had the most trading volume with $338 million, followed by BlackRock’s IBIT with $233. 4 Fidelity’s FBTC had $176. 4 These numbers were reported right after BlackRock nearly reached the same level of trading volume as the Sonnensheinn-led Bitcoin ETF.
WisdomTree’s BTCW is not doing very well compared to other spot BTC ETFs. When GBTC had a trading volume of $338 million, BTCW only had a trading volume of $18. 2 This decision to move to New York could help the company grow by getting more people to use and trade with it.
Coingape reported that over $1. 06 billion has been put into assets like Bitcoin, with over 100,000 BTC being managed. This shows that more and more Bitcoin investment options are becoming available, even though a large amount of money is being taken out of Grayscale.