SEC lets dealers trade WisdomTree's blockchain-recorded money fund at $1.00 around the clock

What changed

On February 23, 2026 the SEC granted WisdomTree an exemptive order (Release No. IC-35968, File No. 812-15788), effective at once. It exempts dealers from Section 22(d) and Rule 22c-1 so that WisdomTree Securities and other broker-dealers with a dealer agreement can buy and sell shares of the WisdomTree Government Money Market Digital Fund (WTGXX) to investors as principal at $1.00 a share, plus or minus disclosed dealer compensation, rather than at the next NAV. A second grant lets the affiliated dealer enter the arrangement under Rule 17d-1. Relief also covers other stable-NAV government money funds WisdomTree advises. Per the application, dealers sell from and buy into their own inventory, may take stablecoins and deliver shares within minutes, and expect to deal 24/7. Investors may always buy and redeem directly with the fund. If the fund's market-based NAV drifts 0.25% or more from $1.00, dealer trading stops or moves to NAV pricing. The applicants did not ask for, and the order does not give, relief on how the fund uses a blockchain to record its shares.

Who it affects

• Investors and advisory clients holding WisdomTree digital money funds through WisdomTree Prime or WisdomTree Connect
• Broker-dealers that sign dealer agreements to make a $1.00 principal market in the fund's shares
• Advisers using tokenized money funds as cash or collateral, including clients moving between stablecoins and fund shares

What is still open

• Which dealers besides WisdomTree Securities will use the relief, and what dealer compensation they charge
• How a dealer holds and funds the inventory needed for round-the-clock trading, and when it may refuse orders
• How the order's reference to the Government fund name maps to the fund's announced renaming as WisdomTree Treasury Money Market Digital Fund
• Whether the SEC grants similar pricing relief to other sponsors' tokenized money funds

What it means for an advisor

• A dealer trade at $1.00 is a purchase from or sale to the dealer, not the fund; confirm the dealer's compensation against the free direct route
• Check dividend timing before a dealer trade; the application warns a dividend may go to the dealer or the prior holder
• Record whether client positions sit in dealer-sourced or fund-issued shares, and what happens to dealer trading if the fund breaks $1.00