Fidelity Bitcoin ETF Listed on DTCC Website and Receives Ticker Symbol, Spot ETF Approval

Fidelity Investments Gets Spot Bitcoin ETF Listed on DTCC Website

Fidelity Investments, an asset manager, is making preparations and adjustments for the potential approval of its Spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As part of these preparations, Fidelity has listed its fund on the Depository Trust & Clearing Corporation (DTCC) website. The news was first reported by Bitcoin Magazine, which also revealed that Fidelity’s ticker for its Spot Bitcoin ETF will be ‘FBTC’. Other issuers have also revealed their tickers.

Next Focus: Fees

The next aspect to watch out for is the fees that these filers will set for their ETFs. Bloomberg analyst Eric Balchunas suggests that issuers may wait until the last minute to decide on fees before launch. This strategic move could give them a competitive advantage over other issuers if the SEC approves all applications simultaneously.

First-Mover Advantage and Market Share

If the SEC approves multiple ETF applications at once, it eliminates the possibility of a first-mover advantage. Issuers will then need to explore alternative means to attract investors and gain a significant portion of the market share.

Spot Bitcoin ETF Listings on DTCC Website

Fidelity joins other issuers like BlackRock and Invesco Galaxy whose Spot Bitcoin ETFs have been listed on the DTCC website. However, these listings do not guarantee SEC approval.

Launch Timeline for ETFs

Bloomberg analysts James Seyffart and Eric Balchunas explain that SEC approval does not mean immediate launch for these ETFs. Two steps need to be cleared: approval of the 19b-4, which may happen in January, and sign-off on the S-1 filings by the SEC’s Division of Corporation Finance. Davis Polk attorney Scott Johnsson predicts that the sign-off should come shortly after the 19b-4 approval, and a launch within a week of approval is highly likely.

Hot Take: Crypto ETF Approval Could Change the Game

If the SEC approves multiple Spot Bitcoin ETFs simultaneously, it will open up new opportunities and challenges for issuers. The competition will shift from being the first to enter the market to attracting investors through competitive fees and other means. It remains to be seen how this approval will impact the crypto industry and whether it will lead to increased mainstream adoption of cryptocurrencies.