New York-based asset management company WisdomTree plans to incorporate Bitcoin futures contracts into its existing WisdomTree Managed Futures Strategy Fund (WTMF), according to an SEC filing on Monday.
WTMF is an exchange-traded product that actively manages the futures contracts of more than 20 commodities, including crude oil, natural gas, gold, silver, and corn. This time, the company seeks to add Bitcoin Futures provided by the Chicago Mercantile Exchange (CME).
Launched in 2011, the ETF has $139 million in assets under management and plans to allocate up to 5% of its net assets in bitcoin futures contracts.
While this has been WisdomTree’s first offering in Bitcoin Futures, the firm has previously applied for ETFs that directly invest in cryptocurrencies. WisdomTree has been waiting for a final decision on its application for Bitcoin and Ethereum ETF. However, the company manages several crypto ETFs in Europe.
The US SEC has not yet approved physical Bitcoin ETFs due to concerns over lack of investor protection in the crypto market but has already approved three Bitcoin futures ETFs this month.