Fidelity Bitcoin Fund Approved for CBOE Listing, Awaiting SEC Decision
The Fidelity Wise Origin Bitcoin Fund has received approval to be listed on the CBOE exchange, according to a recent SEC filing. However, this listing is contingent upon the SEC granting permission for Fidelity to offer its spot Bitcoin ETF to investors. The SEC has until January 10 to approve, reject, or delay its decision.
What is a Bitcoin ETF and Why is it Important?
A Bitcoin ETF would allow traditional investors to gain exposure to Bitcoin without directly buying and storing the digital asset. This means investors can invest in Bitcoin without dealing with cryptocurrency exchanges and wallets. If approved, analysts anticipate a surge of Wall Street investments in crypto. The SEC has historically rejected Bitcoin ETF applications due to concerns about market manipulation. However, the entry of major financial institutions like Fidelity and BlackRock may impact the SEC’s decision-making process.
SEC Decision Expected Soon
The SEC is expected to make an announcement regarding pending Bitcoin ETF applications between January 8 and January 10. This news is seen as bullish for the market, especially after recent market volatility caused by speculation that ETF applications might be rejected. As of now, Bitcoin’s price stands at $42,595.05.
Fidelity’s Listing on DTCC
Fidelity’s Form 8-A12B filing revealed that the Fidelity Bitcoin ETF would trade on CBOE under the ticker symbol FBTC. However, it’s important to note that having a ticker listed on the DTCC does not guarantee SEC approval. Traders previously panicked when BlackRock’s iShares Bitcoin Trust ticker was removed from the list, but it was later clarified that its inclusion or removal does not indicate the outcome of any regulatory process.
Hot Take: Increased Potential for Bitcoin ETF Approval
The approval of the Fidelity Wise Origin Bitcoin Fund for CBOE listing is a positive development for the potential approval of a Bitcoin ETF. With major financial institutions entering the crypto market, the SEC’s perception and stance on market manipulation may be evolving. If a Bitcoin ETF is approved, it could attract significant investment from traditional investors, leading to further growth and mainstream adoption of cryptocurrencies.
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