During WisdomTree’s earnings call last week, the asset manager ($100bn AUM) spent a significant proportion of the time covering digital assets. In fact, CEO Jonathan Steinberg spoke about little else. Even the graphic on the earnings presentation was a blockchain image. This is a company that isn’t just talking about tokenization. It’s walking the talk.
WisdomTree was the issuer of one of the eleven spot Bitcoin ETFs that gained SEC approval last month. But that’s not WisdomTree’s most exciting initiative. Its wallet app, WisdomTree Prime, which provides access to digital funds and crypto, is the star of the show.
A month after the spot Bitcoin ETF launched, BlackRock’s iShares Bitcoin Trust has surpassed $3 billion in assets, whereas WisdomTree’s has $11 million. The asset manager seemed sanguine, noting that the eleven simultaneous ETF launches were unique in several ways, not least competition, including fee waivers and a considerable amount of asset switching from other trusts.
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