09:57 AM EDT, 03/21/2024 (MT Newswires) -- WisdomTree ( WT ) shareholder ETFS Capital on Thursday urged fellow stockholders to join it in withholding votes from board members at company's upcoming shareholder meeting to ask for a comprehensive review process.

The investment company, which holds about 10% state in WisdomTree ( WT ), had written a letter to WisdomTree's ( WT ) board on Feb. 20 in which it proposed replacing Chief Executive Jonathan Steinberg, seeking external funding for WisdomTree Prime, and appointing an investment bank for a strategic review.

On Feb. 27, WisdomTree ( WT ) issued a public letter rejecting these proposals saying they would "undermine our long-term growth strategy and value-creation initiatives."

In its Thursday response, ETFS Capital criticized WisdomTree's ( WT ) "transformation" strategy of transitioning from an ETF to a DeFi-focused business, advocating for a focus on its ETF business, which they said is undervalued.

WisdomTree ( WT ) did not immediately respond to a request for comment from MT Newswires.

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