Fidelity Takes On BlackRock, Readies Its Own Bitcoin ETF Filing

Major asset manager Fidelity is preparing to submit its own application for a spot bitcoin exchange-traded fund (ETF), joining other big money asset managers such as BlackRock.

BlackRock had recently submitted its own spot bitcoin exchange-traded fund on the 15th of June, sparking considerable interest from other asset managers.

Fidelity Preparing Bitcoin ETF Filing As Race Heats Up

With its spot bitcoin exchange-traded fund, Fidelity will join a growing list of institutions that are competing to be the first to introduce and get approval for a spot bitcoin exchange-traded fund. The filing sees Fidelity follow BlackRock, the world’s largest asset manager, in filing for an ETF. According to reports, Fidelity’s application could be filed as soon as this week and would be Fidelity’s second attempt at launching a spot bitcoin ETF. Fidelity also filed an application in 2022 but failed to get approval from the United States Securities and Exchange Commission (SEC).

Over the past couple of weeks, several asset managers, such as Invesco (IVS.N), WisdomTree (WT.N), Bitwise, VacEck, and the already mentioned BlackRock, have filed applications with the Securities and Exchange Commission for a spot Bitcoin ETF. As a result of the applications, the price of Bitcoin (BTC) has also seen a considerable increase, rising to a one-year high of over $31,000 on the 23rd of June.

Fidelity is a prominent player in the financial space, with over $11 trillion in assets under management. Additionally, it has been involved with the crypto ecosystem since 2018, operating trading and institutional custody services. It has also offered fund products to its European clientele since February 2022 through Fidelity International.

A Game-Changing Development

According to market experts, the potential launch of a spot bitcoin exchange-traded fund could be a game-changing development, giving investors exposure to the crypto market without requiring them to acquire or hold the underlying asset. BlackRock’s filing for an ETF has aroused considerable interest in bitcoin ETFs once again, given the firm’s significance, size, and standing. According to senior market analyst at Oanda, Edward Moya, the

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Author: Amara Khatri

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