Fidelity is set to join the race for a spot bitcoin ETF, with their filing anticipated to be submitted as early as Tuesday. This move puts them in direct competition with other issuers vying to introduce their own bitcoin exchange-traded fund.
The competition for a spot bitcoin ETF is intensifying as Fidelity, a prominent asset management firm, is on the verge of submitting its own filing.
Joining a rapidly expanding list of contenders, Fidelity aims to be among the first to introduce a spot bitcoin exchange-traded fund.
JUST IN: Asset management giant Fidelity is preparing to submit its own spot #Bitcoin ETF filing – The Block.
— BSCN (@BSCNews) June 27, 2023
In the wake of BlackRock’s lead, asset management giant Fidelity is poised to submit its filing for a bitcoin fund as early as Tuesday, according to The Block. BlackRock’s recent filing on June 15 has ignited the interest of other major players in the industry, including Invesco, WisdomTree, and Bitwise, who are now eagerly exploring opportunities to launch their own bitcoin funds.
The race to embrace bitcoin investments is gaining momentum among asset managers.
Fidelity is making its second foray into the launch of a spot bitcoin ETF, following an unsuccessful attempt in early 2022 with its “Wise Origin Bitcoin Trust” that did not receive approval from the U.S. Securities and Exchange Commission.
Undeterred by the previous setback, Fidelity is determined to pursue its goal of introducing a bitcoin ETF and hopes for a more favorable outcome this time around.
Market experts are lauding the potential launch of a spot bitcoin ETF as a transformative development, as it would enable investors to gain exposure to the market without directly engaging with the underlying asset. Notably, BlackRock’s filing has garnered significant attention due to the firm’s substantial size and global significance.
The prospect of a spot bitcoin ETF holds great promise and is generating considerable anticipation among investors and industry observers.
With a massive retail brokerage client base and over $11 trillion in assets under management, Fidelity stands as a formidable player in the industry. Since 2018, the company has actively engaged in the crypto space, providing institutional custody and trading services.
Additionally, Fidelity has been offering fund products to its European clients through Fidelity International since February 2022. The extensive reach and experience of Fidelity position it as a significant participant in the evolving cryptocurrency landscape.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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