Yesterday, Fidelity Digital Asset submitted an updated version of its application to the SEC for an ETF on spot Bitcoin. This is significant because it shows progress in this area. For years, various parties have been trying to get approval from the SEC for a spot Bitcoin ETF, but the SEC has always rejected them. However, a recent ruling in the Grayscale case forced the SEC to reconsider its stance and start approving these requests. Fidelity’s application is one of many that were submitted following BlackRock’s move. The expectation is that Fidelity’s application will be approved by early March 2024, but it could happen as early as January if other applications are also approved. Fidelity Digital Asset is the digital asset arm of Fidelity Investments, a major financial services company. If approved, Fidelity’s ETF could have a significant impact on Bitcoin’s price by reducing its supply in the market. This approval coinciding with the halving year could further boost Bitcoin’s price and potentially bring billions of dollars into the market over the next few years.
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