Fidelity is also said to be preparing a file for a ETF on Bitcoin at counting. A previous deposit by the American multinational for such a product had been rejected by the regulator early 2022.
Boston-based asset manager Fidelity is expected to reapply shortly for a exchange-traded fund on Bitcoin of type spotreported Tuesday TheBlock.
The report comes as BlackRock recently reignited the Bitcoin spot ETF race by attempting for the first time to convince the Securities and Exchange Commission in the United States. The SEC has so far rejected all applications, including that of Fidelity in January 2022, for this type of product, due in particular to “concerns regarding the market manipulation “.
A ETF Bitcoin spot would track the underlying price of Bitcoin, allowing investors easy exposure without the need to hold the asset.
There’s a lot of optimism here that you’re going to see a Bitcoin ETF. If it does, it could open the door to a lot more institutional money and probably some wealthy retail traders,” commented Edward Moya, analyst at Oanda, on Reuters.
Following the filing of BlackRockother US asset managers, who had also previously tried to get a Bitcoin spot ETF approved, have also refiled. WisdomTree, Invesco and Valkyrie try their luck again. It would be no surprise to see Fidelity take on the SEC again.
“Despite regulatory challenges in the United States, initiatives by leading traditional financial institutions such as BlackRock and Fidelity mean that institutional interest and participation remain,” said Jaime Baeza, founder of ANB Investments, on Bloomberg.
Last week, the crypto investment products recorded weekly inflows totaling nearly $200 million, correcting half of the 9 consecutive weeks of outflows. The BTC price at the same time returned to the $30,000 level.
Earlier this month, the SEC sued Coinbase and Binance, the country’s two largest cryptocurrency exchange platforms, for offering assets qualified as securities by the federal agency.
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