Fidelity readies new spot bitcoin ETF filing - report

economictimes.indiatimes.com:

Asset manager Fidelity is expected to file with the U.S. securities regulator for a spot bitcoin exchange-traded fund, joining other big money managers seeking to launch bitcoin ETFs, the Block reported on Tuesday citing a source familiar with the matter. In the past two weeks, BlackRock, WisdomTree, Invesco, VanEck, and Bitwise have filed new applications with the U.S. Securities and Exchange Commission (SEC) for spot bitcoin ETFs, sending the price of bitcoin to a more than one-year high of over $31,000 on June 23. Fidelity declined to comment. The Boston-based financial firm is also part of a consortium that includes market makers Citadel Securities and Virtu Financial, retail broker Charles Schwab, and venture capital firms Paradigm and Sequoia Capital, which recently launched a crypto exchange called EDX Markets.

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«There's a lot of optimism here that you're going to get a bitcoin ETF,» said Edward Moya, senior market analyst at Oanda. «If that does get done, it could open the door for much more institutional money and probably some high-net-worth retail traders to get back into crypto,» he said. Futures-based bitcoin ETFs that track the price of bitcoin futures contracts have been allowed by regulators since October 2021. But the SEC has in recent years rejected dozens of applications for spot bitcoin ETFs, which are a publicly traded investment vehicles that directly track the price of