Fidelity Officially Filed An Application For A Spot Bitcoin ETF With The SEC
- The Chicago Board Options Exchange (Cboe) has published the Fidelity Bitcoin Spot ETF filing.
- The Wise Origin, Bitcoin Trust fund, is also a Spot ETF like BlackRock’s iSHARES BITCOIN TRUST.
- The SEC previously rejected the application of the world’s 3rd largest wealth management fund in early 2022.
On Thursday, the Chicago Board Options Exchange (Cboe) announced the 19b-4 filing of the Fidelity Bitcoin Spot ETF on its website.
The ETF is called Wise Origin Bitcoin Trust, FD Funds Management LLC is its promoter, and Fidelity Digital Asset Services will be responsible for the custody of bitcoins held by the fund.
“Through the use of professional custodians and other service providers, the Trust can protect bitcoin investors from insolvency by unqualified custodians, cyberattacks, and other risks,”The filing states.
Like BlackRock’s filing, Fidelity’s filing also includes Cboe’s custody-sharing agreement with a US-based spot bitcoin trading platform.
The move is seen as a breakthrough for listing a Bitcoin spot ETF in the US, as the SEC has rejected dozens of similar filings. BlackRock’s submission is substantially different from this SSA provision. If approved, BlackRock will share custody with Coinbase.
Fidelity also previously expressed interest in cryptocurrencies when it applied to launch a Bitcoin Spot ETF in 2021 but was rejected by the SEC early the following year.
Earlier, there were also many signals that the big asset management group is said to be preparing to re-enter the Bitcoin Spot ETF race, following a series of Wall Street giants, including BlackRock, WisdomTree, Invesco, and Valkyrie.
It must be said that the crypto market has been quite excited lately with the appearance of the Bitcoin Spot ETF. Investors can freely participate in the cryptocurrency market without having to worry about regulatory procedures anymore. Especially it is even more reassuring when this product is guaranteed by the size and influence of the US financial empires.
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