SEC Ponders Bitcoin Swaps for WisdomTree Fund: Cash Out or Crypto In?
Published Date: 6/6/2025
Notice
Summary
The Cboe BZX Exchange wants to change the rules for the WisdomTree Bitcoin Fund so investors can create and redeem shares using actual Bitcoin instead of cash. This could make trading smoother and possibly cheaper for folks involved. The SEC is now deciding whether to approve this change by June 3, 2025.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
SEC Reviewing Fraud and Manipulation Risks
The SEC has opened proceedings to study whether allowing in-kind bitcoin creations and redemptions would be consistent with Section 6(b)(5) of the Exchange Act, which requires exchanges to prevent fraudulent and manipulative acts and protect investors. Interested persons may submit written comments by June 27, 2025, with rebuttals due by July 11, 2025.
Create/Redeem WisdomTree Shares With Bitcoin
The Exchange proposes that shares of the WisdomTree Bitcoin Fund can be created and redeemed using actual bitcoin instead of cash. The change would let investors move bitcoin into or out of the fund in-kind, and the SEC will decide whether to approve the change by June 3, 2025. The proposal could make trading smoother and possibly cheaper for people involved.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in