WisdomTree Announces the SEC Listing of Nine New Blockchain-Enabled Funds.
Prior to WisdomTree Prime's public launch on the blockchain, ten total digital funds are already operational.
Approved nine more blockchain-enabled funds from the $82 billion asset manager WisdomTree.
Although none of these funds track crypto assets directly, the firm does use the Ethereum and Stellar blockchains to retain a secondary record of share ownership, making them blockchain-enabled or "digital funds," as WidsomTree describes them.
On December 14, the firm announced the SEC's approval, stating that the nine digital funds offer exposure to a variety of asset classes, including equities, commodities, and floating-rate treasuries. The funds will be available through the WisdomTree Prime mobile app in the first quarter of 2023.
"We believe that blockchain-enabled finance has the potential to improve the investor experience through increased liquidity, transparency, and uniformity, which we hope to achieve over time," said Will Peck, Head of Digital Assets at WisdomTree.
The current SEC clearance comes three months after the firm's first digital fund, the WisdomTree Short-Term Treasury Digital Fund (WTSYX), was approved in September.
Peck stated in a blog post on September 26 that WisdomTree is trying to improve the investor experience through digital funds and blockchain technology, particularly in terms of trading and transaction settlements.
"To give a few examples it's surprising that some blockchains can provide near-instant settlement finality on a peer-to-peer basis on a 24/7/365 basis. Blockchains can enable atomic settlement rather than alternative potentially riskier settlement techniques, such as delivery vs. payment (DvP)," he added.
As of December 14, WisdomTree claimed to manage around $82 billion in assets across its listed funds in the United States and Europe.
Since early 2021, the firm, like Grayscale Investments, has been trying to develop an exchange-traded fund (ETF) offering exposure to the spot price of Bitcoin (BTC).
However, the SEC has repeatedly rejected WidsomTree's applications, citing general worries about fraud and market manipulation on BTC trading venues.
To date, the SEC has yet to approve a spot Bitcoin ETF.
However, the firm offers a variety of products that track the altcoin market, and earlier this year in March, the firm released three crypto exchange-traded products (ETPs) backed by Solana (SOL), Cardano (ADA), and Polkadot (DOT).
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