**Fidelity Pursues Spot Bitcoin ETF – Key Points:**
– Fidelity Investments has filed paperwork for its Wise Origin Bitcoin Trust, signaling its renewed pursuit of launching a spot bitcoin ETF.
– BlackRock’s announcement to launch its own spot bitcoin ETF has motivated other fund companies like Invesco, WisdomTree, and Ark Invest to pursue similar initiatives.
– Fidelity’s previous attempt to launch a spot bitcoin ETF was rejected by the SEC in 2022, but this time, it has a “surveillance sharing agreement” to address concerns over market manipulation.
– Fidelity highlights the potential benefits of a spot bitcoin ETF in protecting investors from losses due to custodian insolvency and centralized exchange issues.
– The SEC has received an influx of new applications for bitcoin ETFs, and the market is optimistic, particularly regarding BlackRock’s submission.
– Fidelity has been active in the cryptocurrency space, with Fidelity Digital Assets and other digital asset-related offerings.
**Hot Take:**
The race to launch a spot bitcoin ETF is heating up, with Fidelity making another attempt to gain SEC approval. This move comes in response to BlackRock’s plans and has sparked increased competition among fund companies. While optimism is high, there are still doubts surrounding the approval chances of these applications. Fidelity’s long-standing presence in the crypto domain positions it well to enter the digital asset landscape with a spot bitcoin ETF.
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