Fidelity Official Files Application for the Spot Bitcoin ETF – Crypto News – Crypto News
Connect with us
Fidelity Official Files Application for the Spot Bitcoin ETF Fidelity Official Files Application for the Spot Bitcoin ETF

Business

Fidelity Official Files Application for the Spot Bitcoin ETF – Crypto News

Published

3 years ago

on

After so much public speculation and expectations, Massachusetts-based multinational financial services corporation Fidelity Investments has applied to the United States Securities and Exchange Commission (SEC) for a spot Bitcoin (BTC) Exchange Traded Fund (ETF) dubbed Wise Origin Bitcoin Trust.

The filing mentioned a “surveillance sharing agreement” with an unnamed US spot-based bitcoin trading platform.

Fidelity Investments’s Initial Spot BTC ETF Application

Noteworthy, Fidelity had previously filed an application for the same offering in a private meeting with the US regulator but its request met with a roadblock.

At the time, Tom Jessop, the President of Fidelity Digital Assets tried to convince the SEC to approve the BTC derivative product by citing some reasons.

One of the reasons that he highlighted was the growth in the number of Bitcoin holders, another is the increased investor appetite for digital assets and the approval of Bitcoin ETFs in other countries. The SEC didn’t seem to be buying it at that time.

BlackRock’s Spot BTC ETF Application Stirs Others

After the request was rejected last year, nothing was heard about a reapplication until two weeks ago when the popular investment asset management firm black rock filed for its spot BTC ETF.

BlackRock’s applications for iShares Bitcoin Trust took the entire crypto industry by surprise especially as it came when regulators in the United States were cracking down on crypto entities. Leading digital asset service providers Binance and Coinbase had just been dealt separate blows by the SEC around that time.

Apart from the surprise, it looked like the BlackRock application for a spot BTC ETF was a sign of renewed hope. Hence, other asset managers decided that it was time to either apply or reapply for the same BTC derivative product. US asset management firm WisdomTree reapplied For its spot the Bitcoin ETF is known as ‘WisdomTree Bitcoin Trust’.

After two years of rejection, Invesco also refilled for spot bitcoin etf. Valkyrie and Bitwise followed the trends as well.

Until this moment, the SEC had not approved any spot BTC ETF, however, there are ongoing speculations that this may be the time for approval, seeing that Grayscale may likely win its lawsuit against the regulator for rejecting its BTC ETF request.

Benjamin Godfrey is a blockchain enthusiast and journalist who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, LinkedIn

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

[quads id=14]

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending