Fidelity and BlackRock Make New Attempts at Launching Spot Bitcoin ETFs
– Fidelity is making a second attempt to launch a spot Bitcoin ETF, the Wise Origin Bitcoin Trust, following its rejection by the SEC in 2022.
– BlackRock’s iShares unit has also filed for a similar spot Bitcoin ETF, sparking renewed interest in the market.
– Fidelity’s recent filing includes a “surveillance sharing agreement” with an undisclosed U.S. spot-based Bitcoin trading platform to address concerns about market manipulation.
– Fidelity argues that a spot Bitcoin ETF could protect investors from losses caused by insolvencies of custodians and centralized exchanges.
– The SEC’s decision on the applications is pending, with skepticism remaining about the chances of approval.
Hot Take: Renewed Interest in Spot Bitcoin ETFs Signals a Shift in the Financial Landscape
The recent filings by Fidelity and BlackRock for spot Bitcoin ETFs indicate a significant shift in the financial landscape. While Fidelity is addressing concerns about market manipulation and investor protection, skepticism remains about the chances of approval. Nonetheless, this renewed interest suggests growing acceptance of cryptocurrencies and their potential as investment vehicles. If approved, spot Bitcoin ETFs could provide easier access to Bitcoin for investors and further legitimize the digital asset in traditional finance. The decision by the SEC will pave the way for the future of Bitcoin ETFs and their impact on the cryptocurrency market.
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