Boston-based investment giant Fidelity today refiled an application for a Bitcoin spot exchange-traded fund.

In a Thursday filing with the U.S. Securities and Exchange Commission, the asset manager said its Wise Bitcoin Trust, a spot Bitcoin ETF, would help American investors avoid risk.

“To this point, the lack of a Spot Bitcoin ETP exposes U.S. investor assets to significant risk because investors that would otherwise seek crypto asset exposure through a Spot Bitcoin ETP are forced to find alternative exposure through generally riskier means,” Thursday’s filing said, adding that investors have previously kept their assets on now collapsed crypto exchange’s, such as FTX.

The filing comes after the world’s biggest asset manager BlackRock filed to the SEC for a Bitcoin ETF earlier this month. Invesco, Wisdom Tree, Valkyrie, and Bitwise have also sent similar applications.

An ETF is an investment vehicle that tracks the value of an underlying asset, like gold, foreign currencies, or Bitcoin.

A spot Bitcoin ETF doesn’t yet exist in the States; many investment firms have applied for one only to face rejection from Wall Street’s top regulator.

Fidelity first applied for a Bitcoin ETF but was rejected in 2021.

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Author: Mathew Di Salvo

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