Wednesday, April 17, 2024

Asset management giant Fidelity has refiled paperwork for its Wise Bitcoin Trust, a spot bitcoin ETF.

The move comes roughly two weeks after BlackRock’s (BLK) iShares unit submitted paperwork for the iShares Bitcoin Trust, also a spot bitcoin ETF.

Since the BlackRock spot ETF filing earlier in June, a number of other fund companies have done similar, including Invesco (IVZ) and WisdomTree, and a report earlier this week said a Fidelity filing was imminent.

Fidelity in 2021 had originally tried to launch a spot bitcoin ETF, but that effort was rejected by the U.S. Securities and Exchange Commission (SEC) in 2022.

So far, the SEC has not made a decision regarding any of the new applications. While many seem optimistic about the application from BlackRock – which has received a green light for all of its previous 575 ETF applications, except one – some remain skeptical.

CoinShares’ chief product officer Townsend Lansing said on a podcast Monday that he sees a 10% chance that BlackRock’s application gets approved, arguing that what the SEC wants to see is that the majority of bitcoin trading is facilitated on a U.S. crypto exchange.

The price of bitcoin (BTC) is little-changed on the news at $30,500.

Read more: Bitcoin Briefly Pushes Above $31K After Fidelity Spot ETF Report

Edited by Nelson Wang and Stephen Alpher.

#Fidelity #Refiles #Spot #Bitcoin #ETF

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