The Block: Fidelity plans to apply for launching its own ETF on bitcoin – Bits Media

As reports The Block with reference to sources, Familiar with the situation, Fidelity investment company may apply for the creation of an exchange fund (ETF) Bitcoin already this week.

This will be the second Fidelity attempt to create such a product. IN 2021 year company I applied for the creation of the Bitcoin spectoral trading fund called Wise Origin Bitcoin Trust, But in the beginning 2022 year Commission on Securities and Exchange of the United States (SEC) Refused the company.

The launch of a spotal ETF on Bitcoin can provide investors with the opportunity to get access to the market without the need to deal with the basic asset. Fidelity has tens of millions of retail brokerage customers, And its assets make up $11 trillion. The company is also familiar with the crypto industry - with 2018 year she has been engaged in institutional storage and trading services in the market.

Recall, that in early June, BlackRock applied for the launch of ISHHARES BITCOIN TRUST. The document emphasizes, that previously approved products, traded on a spoke exchange in commodity and foreign exchange markets, “As a rule, Not adjustable, And SEC relies on the futures market ". Therefore, the company does not see obstacles to the approval of such a spotal ETF.

Soon, five applications for the launch of spot cryptocurrency stock funds were “fell” at SEC at once. Following BlackRock, four more firms submitted their applications: Fidelity, Invesco, Wisdom Tree и Valkyrie.