Fidelity Submits SEC Form for Bitcoin Exchange Traded Fund on the Spot Market

 

The firm had an application to create a spot Bitcoin ETF in 2022, but it was denied. After BlackRock’s lead, other companies have applied for Bitcoin ETF status as well.

 

 

Fidelity has reapplied for the Wise Origin Bitcoin Trust ETF, a Bitcoin spot ETF, alongside other US firms. The world’s largest asset manager submitted its spot Bitcoin ETF application to the Securities and Exchange Commision (SEC) on Thursday.

 

 

 

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An Exchange-Traded Fund Tracking Bitcoin Prices in the US

 

 

Two weeks after its competitor Blackrock applied for approval of a spot Bitcoin ETF, Boston-based Fidelity also submitted an application. The application that Blackrock submitted to the SEC for the highly anticipated cryptocurrency investment instrument prompted other companies, including as Invesco and WisdomTree, to do the same. Unlike Blackrock, these firms attempted to have a spot Bitcoin ETF approved, but were denied.

 

Originally applying for its spot Bitcoin ETF in 2021, when retail sentiment in the cryptocurrency market was high, Fidelity is a corporation that manages $4.5 trillion in assets. In 2022, just a few months after Fidelity successfully launched a spot Bitcoin ETF in Canada, the SEC rejected Fidility’s proposal.

 

 

 

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Making Bitcoin Accessible to Average Investors

 

 

Retail investors will soon be able to buy Bitcoin directly from their brokerage accounts thanks to the introduction of a spot Bitcoin ETF on U.S. stock markets. This would save users from the trouble of having to set up wallets and individual accounts on cryptocurrency exchanges.

 

Fidelity has added a’surveillance sharing agreement’ with a US-based Bitcoin trading site that remains nameless in its most recent reapplication. The SEC’s worries about market manipulation would so be alleviated.

 

Blackrock’s involvement in the space is a positive sign, given the SEC has historically been hesitant to approve spot Bitcoin ETFs. BlackRock is the largest asset manager in the United States, with more than $10 trillion in AUM. Many news outlets have emphasised its outsized influence in the financial services sector and its political backing. The market is also bullish on BlackRock’s position, with growing hopes that its spot Bitcoin ETF would be accepted. However, the SEC has not yet issued a statement.

 

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Joe Carlasare asks Elliot Johnson why the SEC has not approved a spot Bitcoin ETF pic.twitter.com/LMIheNLFFf

— Swan Bitcoin (@Swan) June 28, 2023

 

 

 

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