Investment giant Fidelity Investments is preparing to file for registration of the spot Bitcoin-ETF. A source told The Block.
The company first attempted to create an exchange-traded fund in 2021. However in early 2022 the U.S. Securities and Exchange Commission (SEC) rejected the filing, citing a lack of joint oversight agreements and an inability to curb fraudulent or manipulative practices.
According to Fidelity’s веб-сайту, assets under management by the organization amount to more than $11 trillion.
The firm joined the ETF race alongside Valkyrie, BlackRock, WisdomTree и Invesco.
To date, the SEC has rejected almost all ETF applications: an exception was made for ProShares and Valkyrie Investments, which are based on Chicago Mercantile Exchange Bitcoin futures. Grayscale filed suit against the regulator after the regulator’s negative response.
Earlier ARK Invest analyst Yassine Elmandjra stated that BlackRock’s filing for a spot Bitcoin fund could be a ‘turning point on the path to institutional recognition for digital gold’.
The Wall Street Journal editorial board accused SEC Chair Gary Gensler of a ‘confusing’ approach to approving a spot Bitcoin ETF.
CEO Circle Jeremy Allaire predicted that the recent wave of applications to launch cryptocurrency exchange-traded funds would ultimately lead to approval by regulators.