• Home
  • News
  • Fidelity Files an Application for a Bitcoin ETF
Fidelity Files an Application for a Bitcoin ETF

Fidelity Files an Application for a Bitcoin ETF

|

Fidelity Investments unveiled plans Wednesday to launch an exchange-traded fund that tracks the price of bitcoin, furthering the money manager’s push to bring cryptocurrencies to mainstream finance. 

The Bitcoin exchange-traded from the company would monitor the cryptocurrency using prices from US-based exchanges. Fidelity’s Wise Origin Bitcoin Trust will use underlying rates from Bitstamp, Coinbase, Gemini, itBit, and Kraken, according to a filing with the Securities and Exchange Commission.

The application comes a month after the first Bitcoin ETFs in North America started trading in Canada, including the Purpose Bitcoin ETF and another from Evolve Funds Group.

Other Bitcoin ETF proposals in the United States have failed to pass SEC muster, including those proposed by Gemini crypto-exchange founders Cameron and Tyler Winklevoss.

“The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions,” Fidelity said in an emailed statement. A increasing number of investors seeking access to Bitcoin have highlighted the need for a more diversified portfolio of products offering exposure to digital assets.

The application comes a month after the first Bitcoin ETFs in North America started trading in Canada, including the Purpose Bitcoin ETF and another from Evolve Funds Group. Fidelity said in an emailed statement that the digital assets ecosystem has expanded significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions.

Sources: Baystreet, WSJ, MSN, Yahoo Finance, Business Insider.


Published by
Cryptopress©
Image Credits: Cryptopress©, unless otherwise noted.


© Cryptopress. All rights reserved.