Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

The WisdomTree Bitcoin Trust was not approved by the U.S. Securities and Exchange Commission (SEC) on the grounds of not enough investor protection.

The move comes as no surprise because the SEC has 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.

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CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.