Fidelity Files for Registration of Bitcoin ETF Shares
Fidelity, the asset manager, has submitted a filing to the US Securities and Exchanges Commission (SEC) to register shares of its Wise Origin Bitcoin Fund. The filing comes at a time when there is uncertainty about whether cryptocurrencies like Bitcoin should be classified as securities or commodities. Bitcoin ETFs track the price of Bitcoin and trade on traditional markets, providing indirect exposure to the cryptocurrency space.
Recently, the CFTC and SEC issued conflicting statements regarding their jurisdiction over the trading of cryptocurrencies, causing confusion among traders and investors.
Possible ETF Approval Before January 10
Reports suggest that Goldman Sachs is in discussions with BlackRock and Grayscale to become an “authorized participant” (AP) in the Bitcoin ETF space, potentially joining JP Morgan as an AP. It remains to be seen if the SEC will announce the approval of spot ETFs during the January 8-10 window. Earlier, Fidelity’s spot Bitcoin ETF was added to the active and pre-launch list of the DTCC, along with Bitwise’s spot Bitcoin ETF.
Hot Take: Fidelity’s Push for a Bitcoin ETF Signals Growing Interest in Crypto
The filing by Fidelity for a spot Bitcoin ETF demonstrates the increasing interest from traditional financial institutions in entering the cryptocurrency market. As more established players like Fidelity and Goldman Sachs explore opportunities in crypto, it further legitimizes digital assets and opens doors for broader adoption. The potential approval of spot ETFs could provide investors with a regulated and accessible way to gain exposure to Bitcoin without directly owning it. This development highlights the ongoing evolution of the crypto industry and its integration into mainstream finance.
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