Fidelity Investments, a Boston-based asset manager, is reportedly finalizing its application for a Bitcoin exchange-traded fund (ETF). This ETF would track the price of Bitcoin and provide investors with a regulated way to gain exposure to the cryptocurrency. The news of Fidelity’s expansion into the digital asset space has garnered attention from multiple sources, highlighting the growing interest in ETFs as a convenient means of investing in Bitcoin. While the announcement initially caused a brief increase in the Bitcoin price, the market quickly stabilized.
This development coincides with the launch of the first leveraged crypto ETF in the US by Volatility Shares. The ETF, known as BITX, has already experienced significant trading volume since its approval by the US Securities and Exchange Commission (SEC). Other major financial institutions, including BlackRock, Invesco, and WisdomTree, have also applied for Bitcoin ETFs.
Circle’s CEO, Jeremy Allaire, is optimistic about the approval of Bitcoin ETF applications, citing the progress made in market structures, custody infrastructure, and market surveillance. Allaire believes that Bitcoin remains an attractive hedge instrument in the face of persistent inflation.
The cryptocurrency industry generally welcomes the recent developments regarding ETFs, as institutional adoption is seen as crucial for market growth and attracting retail investors. Bitcoin has performed well this year, rising by approximately 85% and alleviating concerns surrounding the market’s collapse in 2022.
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