Fidelity, a major asset management company, is preparing to file for a bitcoin exchange-traded fund (ETF) in its latest attempt to enter the market. The filing could be submitted as soon as Tuesday, following the lead of BlackRock, another asset management giant. Other companies, including Invesco, WisdomTree, and Bitwise, have also filed for their own spot bitcoin funds following BlackRock’s move on June 15. Fidelity’s previous attempt at a bitcoin ETF, called the Wise Origin Bitcoin Trust, was rejected by the U.S. Securities and Exchange Commission in early 2022. A spot bitcoin ETF is seen as a significant development in the market, as it offers investors exposure to bitcoin without having to deal with the underlying asset. The entry of large institutional players like BlackRock and Fidelity into the bitcoin ETF market is seen as a positive sign for the long-term outlook of digital assets. Fidelity, with its large client base and assets under administration, is well-positioned to make an impact in the market. The company has been active in the cryptocurrency space since 2018, offering custody and trading services. It also offers fund products to European clients through Fidelity International.
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