Fidelity Aims For Bitcoin ETF Approval: New Application Tackles SEC's Previous Reservations
Portfolio Pulse from Khyathi Dalal
Fidelity Investments has submitted a new application for its Bitcoin Spot ETF “Wise Origin Bitcoin Trust” to the SEC, addressing previous concerns that led to the rejection of the initial application. The updated proposal includes provisions for investors to easily buy and sell shares of a fund that will replicate the Bitcoin price. The SEC has not yet approved any Bitcoin ETF due to concerns around market manipulation, fraud, custody, and investor protection. Other companies that have applied for Spot Bitcoin ETFs include Grayscale, Invesco, BlackRock, and Ark Invest.
October 18, 2023 | 5:22 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The resubmission of Fidelity's Bitcoin ETF application could potentially increase the demand for Bitcoin if approved, as it would provide a safer and easier way for institutional investors to invest in the volatile crypto market.
The approval of a Bitcoin ETF would provide a regulated and safer way for institutional investors to gain exposure to Bitcoin, potentially increasing the demand for the cryptocurrency. However, the SEC has not yet approved any Bitcoin ETF due to concerns around market manipulation, fraud, custody, and investor protection.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Fidelity's resubmission of its Bitcoin ETF application could potentially enhance its reputation as a pioneer in integrating cryptocurrencies into traditional finance, if the application is approved.
The approval of Fidelity's Bitcoin ETF would position the company as a pioneer in integrating cryptocurrencies into traditional finance, potentially enhancing its reputation and attracting more investors.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100