Asset manager Fidelity Investments has filed an application for a spot Bitcoin exchange-traded fund (ETF), according to a filing by Cboe BZX Exchange with the United States Securities and Exchange Commission (SEC) dated June 19. 

Fidelity’s application follows BlackRock’s spot Bitcoin ETF application on June 15 and those of WisdomTree, Invesco and Valkyrie in the following days. According to Bloomberg, seven applications for a spot Bitcoin (BTC) ETF have been filed this year. Like WisdomTree and Invesco, Fidelity was making a second try at a spot BTC ETF. Similar to other spot BTC ETF applications, this one stated that the CME Bitcoin Futures market “represents a regulated market of significant size as it relates […] to the spot bitcoin market.” It argued the point in detail and cited extensive research to support its view. The 193-page application said:

“The lack of a Spot Bitcoin ETP [exchange-traded product] 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.”

It went on to mention the bankrupt FTX, Celsius, BlockFi and Voyager Di

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Author: Derek Andersen

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