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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Previous: 2025-14032 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Rule Governing the Listing and Trading of the VanEck Bitcoin ETF and the VanEck Ethereum ETF To Permit In-Kind Creations and Redemptions
The Cboe BZX Exchange wants to change the rules for the VanEck Bitcoin and Ethereum ETFs so investors can swap actual crypto assets instead of just cash when buying or selling shares. This move could make trading smoother and possibly save money for folks investing in these ETFs. The SEC is reviewing the change now, with decisions and comments happening through mid-2025.
Next: 2025-14034 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Rule Governing the Listing and Trading of the Invesco Galaxy Bitcoin ETF and the Invesco Galaxy Ethereum ETF To Permit In-Kind Creations and Redemptions
The Cboe BZX Exchange wants to change the rules for the Invesco Galaxy Bitcoin and Ethereum ETFs to allow investors to create and redeem shares 'in-kind'—meaning they can swap actual crypto assets instead of cash. This change could make trading smoother and cheaper for investors holding these ETFs. The SEC is reviewing the proposal, with decisions and possible trading impacts expected soon.