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Wall Street Giant Fidelity Prepares To File For Bitcoin Spot ETF
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Wall Street Giant Fidelity Prepares To File For Bitcoin Spot ETF

Fidelity Investment is on the verge of finalizing its application for a bitcoin ETF, aiming to be among the frontrunners in the ETF providers.
Alex Lari
By: Alex Lari
Oct 12, 2023
3 min read
Wall Street Giant Fidelity Prepares To File For Bitcoin Spot ETF

Wall Street giant Fidelity, a prominent asset management firm, is on the verge of finalizing its application for a bitcoin exchange-traded fund (ETF), aiming to be among the frontrunners in the race to introduce this sought-after product to the market.

Wall Street Giant Fidelity Poised to Make a Move

The Block cited a source familiar with the company’s strategy, stating that Fidelity is poised to submit its filing for a bitcoin ETF as early as Tuesday, following in the footsteps of industry heavyweight BlackRock.

Over the last two weeks, prominent financial players including BlackRock, WisdomTree, Invesco, VanEck, and Bitwise have submitted their applications to the U.S. Securities and Exchange Commission (SEC) for the establishment of spot bitcoin ETFs. This surge in applications has propelled the price of bitcoin to reach a 14-month high, surpassing $31,000 on June 23.

Related reading : WisdomTree Follows BlackRock’s Lead, Filing Application For Spot Bitcoin ETF
Related reading : SEC Approves First Leveraged Bitcoin Futures ETF

Fidelity, the financial firm headquartered in Boston, is part of a consortium that has formed EDX Markets, a digital asset exchange. This consortium includes market makers Citadel Securities and Virtu Financial, retail broker Charles Schwab, and venture capital firms Paradigm and Sequoia Capital.

If permission is granted by the SEC, it has the potential to pave the way for a significant influx of institutional funds and possibly attract high-net-worth retail traders into the realm of bitcoin.

Previous Spot Bitcoin ETF Applications

Over the past years, the SEC has consistently turned down numerous applications for spot bitcoin ETFs. These ETFs are investment vehicles that publicly trade and directly mirror the price of bitcoin. Even Fidelity had its application rejected in January 2022, citing concerns regarding potential market manipulation.

Last June, the SEC also declined the application from Grayscale Investment LLC to transform its prominent Grayscale Bitcoin Trust into an ETF. The SEC stated non-compliance with anti-fraud measures and investor protection standards as the grounds for rejecting the proposal.

Related reading : Grayscale Sues the SEC After Bitcoin ETF Blocked

What truly captured the attention of many this time was the involvement of BlackRock, as its application for a spot bitcoin ETF is considered a game changer. BlackRock typically pursues ETFs when it has confidence in their approval prospects, making their participation highly significant.

https://bitcoinnews.com/bitcoin-the-only-winner-in-sec-clash
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