SEC seeks opinions on the physical subscription and redemption mechanism of WisdomTree Bitcoin Fund According to The Block, the US SEC has initiated a consultation process on whether the WisdomTree Bitcoin Fund (BTCW) allows physical subscription and redemption mechanisms, and the public can submit their opinions within 21 days. This mechanism allows investors to redeem ETF shares in Bitcoin instead of cash. The SEC emphasizes that this procedure does not represent a decision that has been made, but rather an evaluation of legal and policy issues. BTCW is a spot Bitcoin ETF approved in January 2024.