- It is reported that the company can apply as early as Tuesday, June 27
- This will be Fidelity’s second attempt at such a product.
American company Fidelity soon file application for registration of a new exchange product. Thus, she will join a large list of companies that are seeking to release a spot bitcoin ETF on the market. The firm is considering filing as early as Tuesday, following the example of global investment giant BlackRock, according to an insider.
Fidelity is gearing up for a second attempt at a similar product. In 2021, the company applied to create an exchange-traded fund called the Wise Origin Bitcoin Trust. However, in early 2022, the SEC rejected the application. Earlier it was reported that Fidelity plans to buy out Grayscale or open a bitcoin ETF.
Analysts are calling the launch of the Bitcoin Spot ETF a good development as it will provide investors with the opportunity to access the market without having to deal directly with the underlying asset. The filing by BlackRock was considered significant given its size and importance in global markets.
Ark analyst Yassin Elmanjra stated:
“BlackRock’s application to create a Bitcoin ETF indicates a positive assessment by large institutional players of the long-term prospects of this digital asset”
In addition to BlackRock, WisdomTree and Invesco, Valkyrie have applied for a spot bitcoin ETF. And recently, the ARK Invest fund announced that their company is the first in line for the approval of a spot bitcoin-ETF.