WisdomTree, one of the newest issuers of Bitcoin exchange-traded funds, is reportedly seeking a license to provide its New York clients with certain cryptocurrency-related products and services.
WisdomTree expands into New York
According to FOX Business reporter Elinor Terret, WisdomTree works closely with the New York State Department of Financial Services (NYDFS) to provide cryptocurrency-related products and services to its clients in New York. No official announcement has been made by the Bitcoin ETF issuer regarding the expansion.
However, some sources who claimed to be familiar with the matter said that NYDFS is very close to granting its approval for a limited-purpose trust covenant for WisdomTree.
If this is true as they claim, the investment asset management company will be legally allowed to offer its digital asset services in New York. WisdomTree could sit alongside Coinbase, Fidelity Digital Assets and seven other companies using a limited-purpose trust charter.
It would also be the first Bitcoin exchange-traded fund issuer to seek expansion into New York after the Securities and Exchange Commission approved the bid.
Increasing competition among Bitcoin ETF issuers
Meanwhile, other Bitcoin ETF issuers are focused on achieving new highs in their trading volume. As of trading day 16, Grayscale GBTC was leading the market With a trading volume of $338 million, closely followed by BlackRock's IBIT of $233.4 million. Fidelity's FBTC was next at $176.4 million. These numbers come directly after BlackRock announced earlier Closed On spot Bitcoin ETF trading volume led by Sonnensheinn.
WisdomTree's BTCW is one of the lowest-performing spot BTC ETFs on the market. When GBTC recorded a trading volume of $338 million, BTCW had a trading volume of only $18.2 million. This move to expand into New York may be the push the company needs to increase its adoption and trading volume.
As Coingape reported, current net inflows from all issuers are now Up to $1.06 billion With over 100,000 BTC in assets under management (AUM). This is an indication that the broader Bitcoin ETF landscape is growing even with the numerous outflows from Grayscale.
