Fidelity, one of the largest asset managers in the world, is reportedly preparing to submit its filing for a spot Bitcoin (BTC) exchange-traded fund (ETF).
According to an anonymous source cited by The Block, the filing could be submitted as early as Tuesday. This move would put Fidelity in the growing race to launch a spot Bitcoin ETF, which was triggered by BlackRock’s filing earlier this month.
Bitcoin ETF Race Heats Up Amidst Growing Institutional Interest
Fidelity’s interest in a spot BTC ETF is not new. The company filed for a similar product, the Wise Origin Bitcoin Trust, in 2021, but it was denied by the United States Securities and Exchange Commission (SEC) in early 2022.
The SEC has been hesitant to approve BTC ETFs in the past, citing concerns about market manipulation and lack of regulation in the cryptocurrency market.
However, the recent surge in interest from large asset managers like Fidelity and BlackRock suggests that the demand for such a product is grow
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