CoinDesk recently reported that Fidelity, a prominent player in asset management, is once again attempting to launch a spot Bitcoin ETF called the Wise Origin Bitcoin Trust. This move comes shortly after BlackRock's iShares unit made a similar filing.
According to CoinDesk's report, Fidelity's initial attempt to launch the Wise Origin Bitcoin Trust in 2021 was rejected by the U.S. Securities and Exchange Commission (SEC) in 2022. However, BlackRock's recent filing seems to have reignited interest in a spot Bitcoin ETF, with other fund companies like Invesco and WisdomTree also joining the competition.
To address the SEC's concerns regarding market manipulation, Fidelity's recent filing includes a "surveillance sharing agreement" with an undisclosed U.S. spot-based Bitcoin trading platform. This agreement aims to introduce transparency and enhance security in the trading process.
CoinDesk also highlights Fidelity's focus on the losses suffered by cryptocurrency participants due to insolvencies of custodians and centralized exchanges. Fidelity argues that having access to a vehicle like a spot Bitcoin ETF could have safeguarded numerous investors against such losses.
However, on June 30, 2023, Bloomberg reported that the SEC informed Nasdaq and Cboe Global Markets, who filed the Bitcoin ETF applications on behalf of BlackRock and Fidelity Investments, that their filings were deemed insufficient.
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