The WisdomTree Bitcoin Trust was disapproved by the Securities and Exchange Commission (SEC) on the grounds of investor protection.
The move comes as no surprise, the SEC having made clear for years it has no intention of approving a spot bitcoin exchange-traded fund (ETF).
There have a number of rejections over the past few months, the most notable of which was an application by Grayscale Investments to convert its massive Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF. Grayscale and CoinDesk are each subsidiaries of Digital Currency Group.
WisdomTree was previously denied approval to list a spot bitcoin ETF in 2021, so this was the company’s second attempt at that listing.
Read more: A Bitcoin ETF Is Long Past Due, Crypto Lobbyists Say in New Report
