Bitcoin (BTC) saw a mid-morning price surge after The Block reported asset management giant Fidelity was preparing to file for a spot bitcoin ETF as soon as Tuesday.

The news prompted the price of bitcoin to rise from $30,600 to $31,000 in the space of a few minutes, though that quickly reversed, with the crypto trading back to $30,500 at press time, according to CoinDesk data.

“We are not able to confirm or share an update,” a Fidelity Investments spokesperson said in a statement to CoinDesk.

Fidelity previously applied for a spot bitcoin ETF in 2021, but its filing was rejected by the U.S. Securities and Exchange Commission (SEC) in 2022.

Earlier in June, fellow asset management giant BlackRock set off a flurry of spot bitcoin ETF filings and re-filings – not to mention a sizable rally in the bitcoin price – when its iShares unit submitted an application to the SEC for its own such fund.

Fidelity-backed EDX Markets, a crypto exchange aimed at large financial institutions, opened for business one week ago in the U.S.