2023-06-27 14:02:31 ET
Fidelity , an investment giant with $4.2 trillion in assets under management, is reportedly set to file for a spot Bitcoin exchange-traded fund (ETF).
The imminent application by the Wall Street colossus comes after industry giant BlackRock sparked a wave of spot Bitcoin ETF applications from several investment and financial services providers.
Wave of spot Bitcoin ETF applications
Reports of Fidelity filing for a spot ETF surfaced last week, as Invezz covered in this report . In this latest news, crypto publication The Block cites sources close to Fidelity as saying the company was about to file for its own spot Bitcoin ETF. The filing is expected as soon as today, Tuesday June 27, the source noted.
As reported earlier, BlackRock’s application submitted on June 15 saw sentiment across the crypto market flip extremely bullish. With the negativity that followed the SEC’s lawsuits against Binance and Coinbase swept aside, Bitcoin price roared to a yearly high above $31k.
And as other companies, including Invesco, WisdomTree and Bitwise have joined in on the frenzy, BTC price has remained bullish above $30k. Indeed, today’s Fidelity news saw the flagship cryptocurrency’s price retest the level.
If it files for the spot ETF, Fidelity will be making a second attempt after the SEC denied its 2021 application for the Wise Origin Bitcoin Trust. The regulator rejected the proposal early last year.