Fidelity Files Amendment for Spot Bitcoin ETF
Fund management giant Fidelity has filed an amendment for its proposed spot Bitcoin ETF, signaling progress in obtaining regulatory approval for this new type of investment vehicle. The amendment includes measures to protect customers’ Bitcoin and provide investors with information about risks. This move follows recent amendments made by Ark Invest and Invesco, indicating efforts to comply with regulatory requirements. These filings demonstrate ongoing discussions between the companies and the SEC staff to ensure that their applications contain all the necessary information for potential approval.
Filings Provide Clues on SEC’s Interests
The recent filings offer insights into what the SEC may consider when approving ETFs. The amendments focus on managing cryptocurrencies during major network updates, determining asset values following accepted accounting principles, and addressing regulatory uncertainties. They also acknowledge the energy-intensive nature of cryptocurrency mining and the risks associated with potentially illegal transactions.
Spot Bitcoin ETF Approvals Could Boost Market Cap by $1 Trillion
If spot Bitcoin ETFs receive approval, it could add $1 trillion to the overall cryptocurrency market capitalization, which currently stands at $1.1 trillion, according to CryptoQuant. This highlights the potential impact of these investment vehicles on the crypto market.
Optimism Grows as Bitcoin Rises
Bitcoin has seen a nearly 6% increase in value over the past five days as optimism grows about the approval of spot Bitcoin ETFs. The pressure on the SEC to approve these ETFs has increased since Grayscale Investments won a court victory against the regulator in August. Former BlackRock director Steven Schoenfield predicts that spot Bitcoin ETFs may be approved as early as January and could attract up to $200 billion in Bitcoin investment products.
Hot Take: Spot Bitcoin ETFs on the Horizon
The filing of amendments by Fidelity and other investment firms for spot Bitcoin ETFs indicates progress in obtaining regulatory approval. These developments suggest that the SEC is actively engaged in discussions with applicants and may soon approve these investment vehicles. If approved, spot Bitcoin ETFs could have a significant impact on the cryptocurrency market, potentially adding $1 trillion to its overall market capitalization. With growing optimism and pressure on the SEC, it seems likely that spot Bitcoin ETFs will become a reality in the near future.
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