Asset manager Fidelity Investments has filed an application for a spot Bitcoin exchange-traded fund (ETF), according to a Cboe BZX Exchange filing with the U.S. Securities and Exchange Commission (SEC) on June 19.
Fidelity’s application follows BlackRock’s Bitcoin ETF application on June 15, and WisdomTree, Invesco, and Valkyrie applications the following day. 7th place this year for spot Bitcoin ETF
“No Spot Bitcoin ETP [exchange-traded product] makes the assets of investors in the United States very risky As investors seeking to risk crypto assets through the Spot Bitcoin ETP are forced to search for alternatives with riskier means.”
FTX, Celsius, BlockFi, and the bankrupt Voyager Digital were mentioned as riskier alternatives. It also argued that investors might buy stakes in companies such as Tesla and MicroStrategy. This is an unrelated business that invests a large amount of BTC in order to earn BTC itself.
Fidelity Digital Assets Services, a custodian licensed by the New York Department of Financial Services, will be responsible for the trust’s BTC custody, with Cboe BZX saying it will enter into a surveillance-sharing agreement with the cryptocurrency exchange. in the united states
The SEC has not currently approved any Spot BTC ETFs, with Fidelity Form 19b-4 stating that the company wants to revitalize its Wise Origin Bitcoin Trust product, which it filed in March 2021. It has already been rejected twice.
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