Fidelity, the investment management company with $4.5 trillion in assets under management, has submitted paperwork for the Wise Origin Bitcoin Trust, a spot Bitcoin ETF.
Fidelity Refiles For Spot Bitcoin ETF
Fidelity, the investment management company with $4.5 trillion in assets under management, has submitted paperwork for the Wise Origin Bitcoin Trust, a spot Bitcoin ETF, two weeks after the iShares division of BlackRock filed for the iShares Bitcoin Trust.
The US Securities and Exchange Commission (SEC) had earlier denied Fidelity's application for the Wise Origin Bitcoin Trust in 2021. Invesco and WisdomTree have submitted their applications since BlackRock's spot ETF filing on June 15, while Ark Invest has modified its prior filing and is in front of the pack.
Fidelity's paperwork also includes a "surveillance sharing agreement" with a yet-to-be-named U.S. spot-based Bitcoin exchange, designed to ease SEC concerns about market manipulation.
Fidelity cited losses incurred by cryptocurrency investors recently as a result of custodian and controlled exchange bankruptcies and claimed that a spot Bitcoin ETF would have protected "countless investors."
The SEC has yet to make a decision regarding any of the new applications, and the SEC’s decision on BlackRock’s ETF filing could take until early next year. According to CoinMarketCap data, BTC remains around the $30.5K level after the news.
