Fidelity Digital Assets Resubmits Bitcoin Spot ETF Filing
Fidelity Digital Assets has resubmitted its filing to launch a Bitcoin Spot ETF in the US, with parts of the filing similar to BlackRock and ARK Invest’s submissions. The proposal would allow the Cboe BZX Exchange to list and trade shares of Fidelity’s Wise Origin Bitcoin Trust. Like ARK, Fidelity challenges the SEC’s argument that previous applicants failed to form a surveillance sharing agreement (SSA) with a regulated market of significant size. The filing proposes an SSA with a US-based spot trading platform for Bitcoin that represents a substantial portion of US-based Bitcoin trading.
Key Points
- Fidelity Digital Assets has resubmitted its filing for a Bitcoin Spot ETF in the US, following similar filings by BlackRock and ARK Invest.
- The proposal would allow the Cboe BZX Exchange to list and trade shares of Fidelity’s Wise Origin Bitcoin Trust.
- Fidelity challenges the SEC’s argument that previous ETF applicants failed to form a surveillance sharing agreement (SSA) with a regulated market of significant size.
- The filing proposes an SSA with a US-based spot trading platform for Bitcoin that represents a substantial portion of US-based Bitcoin trading.
- An analyst predicts the SEC’s next deadline for approving this ETF is September 2.
Hot Take
The resubmission of Fidelity’s Bitcoin Spot ETF filing shows the continued interest and competition in the US for launching cryptocurrency ETFs. Fidelity is following in the footsteps of BlackRock and ARK, addressing the SEC’s concerns and proposing an agreement with a significant US-based Bitcoin trading platform. If approved, this ETF could provide US investors with a regulated and accessible way to invest in Bitcoin. However, the SEC has been cautious and has yet to approve a Bitcoin ETF, citing concerns over market manipulation and investor protection. It remains to be seen whether Fidelity’s resubmission will meet the SEC’s criteria and pave the way for a Bitcoin Spot ETF in the US.
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