Fidelity Investments’ Renewed Effort for Bitcoin Spot ETF
Fidelity Investments, a financial giant managing $11 trillion in assets, is intensifying its efforts to launch a spot bitcoin exchange traded fund (ETF) listed on the CBOE, as revealed in a recent filing with the U.S. Securities and Exchange Commission (SEC).
Key Points to Note:
- Cboe has filed for listing a new bitcoin spot ETF managed by Fidelity Investments.
- Fidelity’s previous Wise Origin Bitcoin Trust application was rejected by the SEC.
- Several traditional financial institutions, including BlackRock, are vying to launch the first bitcoin spot ETF in the U.S.
Fidelity’s Persistence in the Crypto Space
Despite facing a setback with the rejection of their Wise Origin Bitcoin Trust application, Fidelity is demonstrating resilience by pursuing regulatory approval for their bitcoin spot ETF through the recent filing with Cboe.
This strategic move aligns with the trend observed in the traditional finance sector, with major players like BlackRock, Invesco, and Wisdomtree reapplying for similar ETF offerings.
Market Response and Implications
The market has reacted attentively to these developments, particularly given BlackRock’s influence and the positive sentiment surrounding regulatory approval. This has led to increased investor interest, propelling bitcoin prices to new heights.
While past attempts to introduce spot-bitcoin products have faced regulatory challenges, the inclusion of a surveillance sharing agreement in BlackRock’s application has garnered optimism for approval. Similar provisions are also noted in Cboe’s recent filing.
Continued Industry Optimism
Other industry players such as Valkyrie, Bitwise, VanEck, and ARK Investment Management are optimistic about receiving regulatory green lights this time around. Additionally, the involvement of traditional financial heavyweights in the crypto sector extends beyond ETFs, with the recent launch of a crypto asset exchange supported by Charles Schwab, Fidelity, and others.
This influx of interest from established financial institutions has injected fresh vitality into the crypto market, revitalizing it following recent SEC actions against major crypto exchanges like Binance and Coinbase.