LATEST UPDATE: Financial Giant Fidelity Submits Application for Spot Bitcoin ETF!

Fidelity Investments, one of the world’s largest asset management firms, applied to the SEC today for a spot Bitcoin ETF.

Fidelity Applies for Spot Bitcoin ETF

Fidelity Investments, the American financial giant that manages over $11 trillion in assets, has reapplied today for the Wise Bitcoin Trust spot Bitcoin ETF.

#Fidelity APPLICATIONS FOR SPOT #BITCOIN ETF

— CoinOtag EN (@coinotagen) June 29, 2023

This move comes after the application made by BlackRock’s iShares unit for the iShares Bitcoin Trust about two weeks ago, which is also a spot Bitcoin ETF.

Since BlackRock’s spot ETF application in early June, many other fund companies such as Invesco and WisdomTree have taken similar steps, and a report published earlier this week indicated that Fidelity’s application would soon follow.

In fact, Fidelity attempted to launch a spot Bitcoin ETF in 2021, but this initiative was rejected by the U.S. Securities and Exchange Commission (SEC) in 2022.

Will Fidelity Take Action for Grayscale?

In addition to the claim that Fidelity will apply for an ETF in recent weeks, there was also speculation that it would make an offer to acquire Grayscale. Grayscale is currently the world’s largest digital asset manager. During these claims, Grayscale’s Bitcoin Trust fund GBTC recorded an increase of about 40% and volumes increased by 80%.

Fidelity has previously made ventures into crypto assets, but this recent move indicates that it is entering a race for a spot Bitcoin ETF with BlackRock and other firms.