Fidelity’s Determination to Get a Bitcoin ETF Approved
Fidelity has once again submitted a Bitcoin ETF application to the SEC, despite previous rejections. The asset management firm is determined to see a spot Bitcoin ETF approved, even though the SEC’s past actions suggest it is unlikely.
Key Points:
- Fidelity has submitted a Bitcoin ETF application to the SEC for the second time.
- The filing includes a proposed rule to list Fidelity’s Wise Origin Bitcoin Trust on the Cboe BZX Exchange.
- Other financial firms, including BlackRock and Ark Invest, have also submitted applications for Bitcoin ETFs.
- The SEC has denied previous applications due to concerns about market manipulation and investor protection.
- The CME Group has announced plans to launch an ETH to BTC ratio futures product, which could appeal to investors if approved.
Hot Take:
Despite the SEC’s frequent rejections of Bitcoin ETF applications, financial firms like Fidelity are not giving up. They are determined to see a spot Bitcoin ETF approved, citing the changing regulatory landscape and the growth of cryptocurrency markets. However, until the SEC is satisfied with the market’s regulatory controls, it is unlikely that these ETFs will be approved. In the meantime, other products like the CME Group’s ETH to BTC ratio futures could provide an alternative for investors.
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