Fidelity Officially Submits Bitcoin ETF Filing
Fidelity, the renowned asset manager with $4.2 trillion in assets under management, has officially filed for a spot Bitcoin exchange-traded fund (ETF) after previous reports hinted at the firm’s intentions. The filing, submitted to the US Securities and Exchange Commission (SEC) today, marks a significant step forward for traditional finance entities venturing into the digital asset sector.
BREAKING: $4.5 trillion Fidelity officially refiles for spot #Bitcoin ETF pic.twitter.com/IKhuJHlV2d
— Bitcoin Magazine (@BitcoinMagazine) June 29, 2023
Spot Bitcoin ETF Filing
The move follows in the footsteps of BlackRock, another major player in the asset management industry that recently announced its own plans to file for a Bitcoin ETF. This convergence of two financial giants entering the digital asset market underscores the growing recognition and adoption of cryptocurrencies in traditional finance circles. The response from the SEC to Fidelity’s filing will be closely watched in the coming weeks.
Over the past two weeks, several traditional finance entities have expressed their desire to participate in the digital asset sector. BlackRock’s initial announcement sent shockwaves through the industry, and now Fidelity has followed suit, officially filing for its own Spot Bitcoin ETF. While initial reports hinted at the filing earlier this week, the official submission today solidifies Fidelity’s entry into the Bitcoin ETF race.
Approval Chances for Fidelity’s Bitcoin ETF
This development is expected to have a positive impact on the price of Bitcoin (BTC) in the days ahead. Fidelity is not new to the digital asset industry, having previously attempted to launch a similar project in 2022, which did not receive SEC approval. However, recent analysis suggests that BlackRock stands a strong chance of obtaining approval, with estimates as high as 50%. Consequently, Fidelity’s prospects for approval may be similarly promising.
With over $11 trillion in assets under administration and a presence in the digital asset space since 2018, Fidelity holds considerable clout in the financial industry. Now that the filing has been officially submitted, the industry eagerly awaits the SEC’s decision on its approval. The outcome will likely have significant implications for the future of Bitcoin ETFs and the broader acceptance of cryptocurrencies in traditional finance.
