- The largest fund is considering two business options
- The company is also preparing to launch crypto-staking
- The participation of such a heavyweight will have a favorable impact on BTC quotes
Fidelity is preparing a landmark revolution in the world of the crypto industry. According to rumors, they are considering two serious steps – buying out Grayscale or applying for a spot bitcoin ETF. The news was announced by Arch Public co-founder Andrew Parish.
Recall that 4 days ago, Blackrock submitted their application to open a Bitcoin ETF.
If the plans come true, then the two largest funds Blackrock and Fidelity will have the most power in the US crypto space.
Andrew Parish also hinted at Fidelity’s plans to launch staking services.
An important breakthrough for the crypto market
If Blackrock and Fidelity’s spot ETF bids are approved, it will have far-reaching implications for the entire cryptocurrency market.
Why? First, it means mass adoption by big business. Secondly, the introduction of ETFs can have a significant impact on the value of bitcoins. A similar story happened many years ago after the launch of the Gold ETF.
Now the decision will be made by the SEC. But the chances of getting approved are very high. For example, BlackRock has an impressive 575-1 ratio of ETFs approved by the SEC.