Fidelity Readies Spot Bitcoin ETF Filing, According to Insider: The Block

The Block reported first that Fidelity, a major player in asset management, is on the verge of finalizing its application for a Bitcoin exchange-traded fund (ETF), joining a growing number of companies vying to be the first to introduce this type of product to the market. According to an insider familiar with Fidelity's intentions, the company may submit its application as early as Tuesday, following the footsteps of BlackRock, another prominent asset management firm.

This marks Fidelity's second endeavor in launching a similar product. Back in 2021, the company filed for a Bitcoin spot exchange-traded fund named the Wise Origin Bitcoin Trust, but it faced rejection from the U.S. Securities and Exchange Commission in early 2022.

When reached out for comment by The Block, Fidelity chose not to provide any response.

Since BlackRock filed its application on June 15, several other asset managers, including Invesco, WisdomTree, and Bitwise, have followed suit, expressing their interest in launching their own Bitcoin ETFs.

Market experts have hailed the introduction of a spot Bitcoin exchange-traded fund (ETF) as a groundbreaking development, as it offers investors a means to participate in the market without directly handling the underlying asset. Among the numerous filings, BlackRock's submission has garnered particular attention due to the company's substantial size and influential position in global markets.

Related: After WisdomTree and BlackRock, Valkyrie Investments Files Updated Spot Bitcoin ETF

Resources:

The Block