Fidelity rejoins rush to spot bitcoin ETF with fresh filing

The Block
The Block

29 Jun 2023 6:17 PM

Asset management giant Fidelity is rejoining the mad rush for a spot bitcoin ETF, according to a Thursday filing with the U.S. Securities and Exchange Commission....

  • Fidelity is rejoining the rush for a spot bitcoin ETF, following other firms like BlackRock, WisdomTree, and Invesco.
  • The new fund, called Wise Origin Bitcoin Trust, will be sponsored by FD Funds Management LLC and custody of the trust's bitcoin will be handled by Fidelity Digital Assets Services.
  • Fidelity remains committed to providing customers with a portfolio of solutions for their financial needs and objectives.
  • The SEC has yet to approve a spot bitcoin ETF, but the latest filings from Fidelity and other firms are being closely watched.
  • The filings mention a surveillance sharing agreement mechanism, similar to BlackRock's recent filing.
  • Fidelity has previously backed EDX Markets, a cryptocurrency exchange, and has opened access to Fidelity Crypto for trading bitcoin and ether commission-free.
  • Fidelity is also building a new crypto research team.

The sentiment of the article is generally positive, highlighting Fidelity's involvement in the cryptocurrency market and the potential for a spot bitcoin ETF.

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You May Ask

Which asset management giant is rejoining the rush for a spot bitcoin ETF?Who will be responsible for custody of the trust's bitcoin in the Wise Origin Bitcoin Trust?What is Fidelity's commitment to its customers regarding digital assets?What has been the SEC's stance on approving a spot bitcoin ETF?What other cryptocurrency-related initiatives has Fidelity been involved in?

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