WisdomTree, one of the latest spot Bitcoin ETF issuers, is reportedly pursuing a license to offer its customers in New York some crypto-related products and services.

WisdomTree’s Expansion Into New York

According to Eleanor Terrett, a FOX Business reporter, WisdomTree is working closely with the New York State Department of Financial Services (NYDFS) to provide crypto-related products and services to its New York customers. No official announcement has been made by the spot Bitcoin ETF issuer concerning the expansion.

However, some sources who claimed to be familiar with the matter stated that NYDFS is very close to giving its approval to a Limited Purpose Trust Charter to 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 this is true as they claim, the investment asset management firm will be legally allowed to provide its digital asset services in New York. WisdomTree gets to sit alongside Coinbase, Fidelity Digital Assets, and seven other firms that wield the Limited Purpose Trust Charter. 

Also, it would be the first spot Bitcoin ETF issuer to seek expansion into New York after the SEC’s approval of the offering. 

Growing Competition Among Spot Bitcoin ETF Issuers

In the meantime, the other spot Bitcoin ETF issuers are focused on hitting new highs in their trading volume. As of trading day 16, Grayscale GBTC was leading the market with $338 million in trading volume, followed closely by BlackRock’s IBIT with $233.4 million. Fidelity’s FBTC was next with $176.4 million. These figures come in just after BlackRock had earlier closed in on the Sonnensheinn-led spot Bitcoin ETF volume.

WisdomTree’s BTCW is one of the least-performing spot BTC ETFs in the market. When GBTC registered a trading volume of $338 million, BTCW had a trading volume of only $18.2 million. This move to expand to New York may be the boost the firm needs to grow its adoption and trading volume. 

As reported by Coingape, the current net inflows from all the issuers now amount to a remarkable $1.06 billion with over 100,000 BTC in assets under management (AUM). This is an indication that the broad spot Bitcoin ETF landscape is growing even with the numerous outflows from Grayscale.

The post Spot Bitcoin ETF Issuer WisdomTree Eyes Crypto Push To New York appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am