Fidelity Files to Launch Bitcoin ETF

Fidelity Investments has filed to launch a Bitcoin-based exchange-traded fund (ETF) called the Wise Origin Bitcoin Trust.

According to document, the custodian will be Fidelity Digital Assets, the unit focused on digital assets.

The fund’s manager is Fidelity Service Company, Inc., and the sponsor is FD Funds Management LLC. The latter’s address matches Fidelity’s headquarters in Boston, Massachusetts.

The corporation intends to use its own pricing index for Bitcoin.

The trust provides direct access to Bitcoin. Its shares are valued daily in accordance with the methodology used in the index, the filing states.

What is a cryptocurrency ETF?

Earlier, similar filings were submitted to the U.S. Securities and Exchange Commission by VanEck,WisdomTree,NYDIG,Bitwise andValkyrie Digital Assets. At the time of writing, the regulator had not approved any of the filings.

On March 20, SkyBridge Capital, led by Anthony Scaramucci, and the consulting firm First Trust Advisors filed an application to launch a Bitcoin ETF.

Grayscale Investments, the asset-management company, has opened nine vacancies related to the ETF.

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