Fidelity Investments to File Bitcoin ETF Application and Bid for Grayscale Acquisition
Fidelity Investments, a leading asset management firm with $4.2 trillion AUM, is reportedly preparing to file a spot Bitcoin ETF, inspired by BlackRock iShares’ spot Bitcoin ETF. Additionally, Fidelity is planning to make an offer to acquire Grayscale Investments, the largest digital asset management firm.
Following the filing of BlackRock iShares spot Bitcoin ETF, Fidelity Investments is also preparing to submit a similar application for a spot Bitcoin ETF with the US Securities and Exchange Commission (SEC). Fidelity Investments operates its digital asset operations under Fidelity Digital Assets.
Also Read: BlackRock’s Bitcoin ETF Filing: A Game-Changer for the Crypto Industry
In addition, Fidelity Investments is reportedly interested in submitting a bid to acquire Grayscale Investments. Grayscale, which is owned by Barry Silbert’s Digital Currency Group, recently sued the US Securities and Exchange Commission (SEC) after its application to convert Bitcoin Trust (GBTC) into a spot Bitcoin ETF was rejected.
UPDATE: @DigitalAssets and @Fidelity is about to make a seismic move in crypto via both $BTC and $ETH.
Sources expect Fidelity to either make a bid for @Grayscale or quickly launch their own spot #bitcoin ETF. One or both are coming, soon.
**Blackrock and Fidelity will own…
— Andrew (@AP_Abacus) June 18, 2023
According to crypto influencer Andrew Parish, he expects Fidelity Investments to potentially offer staking services as traditional financial firms continue to enter the crypto industry. Fidelity Digital Asset, which already offers an Ethereum ETF in the US and Bitcoin ETFs on international exchanges, has been involved in Bitcoin mining since 2014 and has been accumulating BTC. Additionally, Fidelity provides crypto custody services.
Fidelity Investments and Grayscale have not officially confirmed the reports regarding their plans to file a spot Bitcoin exchange-traded fund (ETF) and Fidelity’s bid to acquire Grayscale, the issuer of GBTC.
Renowned crypto influencers such as Scott Melker, also known as The Wolf Of All Streets, along with Michael van de Poppe and Ash Crypto, shared the news, generating a positive reaction within the crypto community.
As Fidelity Investments strengthens its presence in the crypto space, there is anticipation that the company may indeed file for a spot Bitcoin ETF.
Also Read: Grayscale Bitcoin Trust Surges Towards 2023 Highs on BlackRock ETF Filing, Buyers Rally
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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