Fidelity Spot Bitcoin ETF Is Registered Securities Preparing For Launch

Key Points:

• Fidelity takes a significant step toward launching the Fidelity spot Bitcoin ETF by filing a securities registration application with the SEC.
• Regulatory uncertainty persists around crypto asset classification.

Asset manager Fidelity has taken a significant step towards launching the Fidelity spot Bitcoin ETF.

Fidelity Navigates Regulatory Landscape in Bid for Fidelity Spot Bitcoin ETF Approval

According to Bloomberg analyst James Seyffart, Fidelity has filed a securities registration application with the U.S. Securities and Exchange Commission (SEC) for the Fidelity spot Bitcoin ETF, which has also received approval from the Cboe under the symbol FBTC. While the S-1 filing is still in its preliminary stages, expectations are high for progress in the coming week.

The filing, outlined in a Form 8-A submission with the SEC, pertains to the registration of shares of beneficial interest for the Fidelity Wise Origin Bitcoin Fund. This move aligns with broader industry anticipation regarding the approval of spot ETF filings before January 10, 2024. Notably, these Bitcoin ETFs will track the price of Bitcoin (BTC) and trade on traditional markets, providing indirect exposure to the cryptocurrency space.

The regulatory landscape surrounding crypto assets remains uncertain, with debates over whether assets like Bitcoin should be classified as securities or commodities. The U.S. Commodity Futures Trading Commission (CFTC) and the SEC have issued conflicting comments, contributing to widespread uncertainty among traders and investors.

In a separate development, confidence is growing regarding the approval of a spot Bitcoin ETF following meetings between the SEC and major exchanges such as the New York Stock Exchange, Nasdaq, and the Chicago Board Options Exchange. These discussions suggest that regulatory approval could be imminent.

Furthermore, reports indicate that Goldman Sachs is considering becoming an “authorized participant” (AP) for the Bitcoin ETF, joining BlackRock and Grayscale in discussions. J.P. Morgan has already been identified as the lead AP in BlackRock’s recent ETF filing. These developments underscore the increasing involvement of Wall Street banks in the expanding Bitcoin ETF space.