Cboe has filed a 19b-4 document outlining plans for a Fidelity spot bitcoin ETF called the Wise Origin Bitcoin Trust. Fidelity Digital Assets Services will be responsible for custody of the trust’s bitcoin. The filing highlights the benefits of using professional custodians and service providers, such as protection against insolvency and cyberattacks, which are not available to investors who directly invest in bitcoin. The document suggests that if US investors had access to vehicles like the Trust, they could have protected their principal investments in bitcoin. Fidelity has also confirmed that it has filed a proposed listing rule for the Wise Origin Bitcoin Trust with the SEC.
– Cboe has filed a 19b-4 document for a Fidelity spot bitcoin ETF called the Wise Origin Bitcoin Trust.
– Fidelity Digital Assets Services will be the custodian of the trust’s bitcoin.
– The filing highlights the benefits of using professional custodians, such as protection against insolvency and cyberattacks.
– It suggests that investors could have protected their principal investments in bitcoin if they had access to vehicles like the Trust.
– Fidelity has confirmed that it has filed a proposed listing rule for the Wise Origin Bitcoin Trust with the SEC.
In a separate development, Fidelity has also filed its own S-1 document for a spot bitcoin exchange-traded fund. The SEC has yet to approve a spot fund. Fidelity first filed for the Wise Origin bitcoin ETF in 2021. The company has not provided additional details about the proposal at this time.
Hot Take: The filing of a Fidelity spot bitcoin ETF shows growing interest and competition in the cryptocurrency market. The involvement of trusted custodians like Fidelity Digital Assets Services could provide additional security and protection for investors. If approved, the ETF could offer a regulated and accessible way for US investors to gain exposure to bitcoin.
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