Fidelitys Surprising Move: Bitcoin ETF Filing Underway!

By Lola Coin Jun 27, 202367Views

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Fidelity is reportedly preparing to submit a filing for a spot Bitcoin exchange-traded fund (ETF). The filing could be submitted as early as Tuesday, putting Fidelity in the race to launch a spot Bitcoin ETF, following BlackRock’s recent filing. Fidelity had previously filed for a similar product, but it was denied by the SEC. The SEC has been hesitant to approve BTC ETFs in the past due to concerns about market manipulation and lack of regulation. However, the growing interest from large asset managers suggests a shift in the SEC’s stance. If approved, a spot BTC ETF would allow investors to gain exposure to Bitcoin without purchasing the cryptocurrency directly. Other asset managers have also filed for spot Bitcoin ETFs recently. The SEC’s approval of these filings remains uncertain. Bitcoin is currently trading at $30,800.

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