Fidelity is reportedly set to file with the US securities regulator for a spot Bitcoin ETF, joining other major asset managers that have recently filed applications.
Fidelity Expected To File for Spot Bitcoin ETF
Fidelity is reportedly set to file with the US securities regulator for a spot Bitcoin ETF, joining other major asset managers that have recently filed applications. These include BlackRock, WisdomTree, Invesco, VanEck and Bitwise.
According to CoinMarketCap data, the announcement caused the price of Bitcoin to spike to $31,000 in a matter of minutes. However, this rapidly reversed, with the cryptocurrency traded down to $30,500.
The U.S. Securities and Exchange Commission (SEC) rejected Fidelity's application for a spot Bitcoin ETF in 2021.
While futures-based Bitcoin ETFs have been allowed by regulators since October 2021, the SEC has rejected applications for spot ETFs due to concerns over market manipulation. The recent filings by major asset management firms are seen as a vote of confidence for the crypto space. Fidelity-backed EDX Markets started operating in the U.S. last week, supporting Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
