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Tags: fidelity bitcoin etf

Fidelity to Launch Spot Bitcoin ETF

Fidelity to Launch Spot Bitcoin ETF
A Fidelity brokerage center in New York (AP)

Tuesday, 27 June 2023 11:07 AM EDT

Asset management giant Fidelity is close to submitting its filing for a spot bitcoin exchange-traded fund (ETF), the Block reported Tuesday, citing a source familiar with the matter.

The filing, expected as soon as Tuesday according to the report, will make Fidelity the second major asset manager in recent days to submit an ETF application.

Earlier this month, BlackRock filed for a similar ETF.

The filings have been viewed as a vote of confidence for the crypto space, reigniting some retail interest in the industry which had felt renewed pressure after Binance and Coinbase Global, two of the biggest crypto exchanges, came under fire from the U.S. Securities and Exchange Commission.

BlackRock's application had sparked a surge in the price of bitcoin to a 1-year high. On Tuesday, it was up 2.2%.

Fidelity did not immediately respond to a Reuters request for comment.

A spot bitcoin ETF is a publicly-traded investment vehicle that tracks the price of bitcoin and offers investors exposure to the asset class. On the other hand, futures-based bitcoin ETFs track the price of bitcoin futures contracts and have been viewed more favorably by the SEC.

Fidelity had previously dipped its toes in the crypto ETF space. It applied for a spot bitcoin ETF in 2021, but its proposal was rejected by the SEC, which said it did not meet the standards to prevent fraudulent and manipulative practices.

SEC Chair Gary Gensler's tough approach to crypto companies has earned him the "bad cop" reputation among industry players.

The regulator is also locked in a dispute with Grayscale Investment, which sued the SEC for rejecting its application last June to convert its flagship spot Grayscale Bitcoin Trust into an ETF.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Asset management giant Fidelity is close to submitting its filing for a spot bitcoin exchange-traded fund (ETF), the Block reported Tuesday, citing a source familiar with the matter.
fidelity bitcoin etf
282
2023-07-27
Tuesday, 27 June 2023 11:07 AM
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