WisdomTree Bitcoin Fund Ditches Cash for Direct Crypto Swaps
Published Date: 7/25/2025
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 update could make trading smoother and cheaper for fund participants starting soon after approval. If you’re involved with this fund, keep an eye out because this change could save money and speed up transactions.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Allow Bitcoin In‑Kind Creations/Redemptions
If you own or trade shares of the WisdomTree Bitcoin Fund, the Trust could allow authorized participants to create or redeem shares using bitcoin instead of only cash. Creations and redemptions would occur in blocks of 5,000 Shares at the Trust's NAV (NAV is calculated using 4:00 p.m. ET bitcoin prices), and purchase orders must be placed by 4:00 p.m. ET (or an earlier cut-off time disclosed by the Trust, e.g., 11:00 a.m.). The Exchange says this change could make trading smoother and reduce the Trust's need to buy or sell bitcoin, which the Exchange says would ultimately benefit end investors.
Sponsor Affiliate May Serve as Authorized Participant
The proposed rule change would allow an affiliate of the Trust's sponsor to serve as an authorized participant for creations and redemptions. That affiliate could deliver bitcoin or cash to create 5,000‑Share Creation Baskets or receive bitcoin or cash when redeeming those Baskets under the same creation/redemption procedures.
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