Fidelity Aims For Bitcoin ETF Approval: New Application Tackles SEC's Previous Reservations

ETF Issuer, Fidelity Investments, submitted its Bitcoin BTC/USD Spot ETF “Wise Origin Bitcoin Trust” application to the SEC again. This time, Fidelity Investments has addressed the regulator's concerns that led to the rejection of the previous Bitcoin ETF update.

Read Also: SEC Delays Bitcoin ETF Approvals Yet Again, Cites Commitment To Safeguard Investors

The update includes allowing investors to easily buy and sell shares of a fund that will replicate the Bitcoin price. This will be an easy and safe solution for institutional investors who are looking to be involved with the rising and volatile crypto market.

Find out more about Spot Bitcoin ETF and various players applying for the same. Meet and engage with other transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!  

With $37 billion in 58 ETFs, Fidelity Investments CEO, Abigail Johnson is a strong supporter of bringing cryptocurrencies into traditional finance, and she looks to make digitally native assets available easily to investors, as reported by CoinGape.

SEC Angle

The SEC has not yet approved any Bitcoin ETF amid concerns around market manipulation, fraud, custody, and inve­stor protection. Applications from VanEck and Valkyrie have faced rejection or delayed decisions from the SEC. Among the many others who have applied for Spot Bitcoin ETFs are Grayscale, Invesco, BlackRock, Fidelity, and Cathie Wood's Ark Invest.

Contrarily, the Fidelity ETF case has the upper hand, as it rests on a strong reputation and ample resources. The firm has also indicated in its updated ETF proposal that the offering will have higher transparency, liquidity, and security.

Read Next: EXCLUSIVE: Tim Draper Reflects On Bitcoin ETF As Grayscale Announces New Ethereum Fund

Meanwhile, the false rumor about the approval of a Spot ETF led to around $100 million in liquidations within just one hour on Monday, as Bitcoin price ran up to around $30,000, then eventually dropped to $28,000 as the rumor was dispelled.

Benzinga's Future of Digital Assets conference is scheduled for Nov. 14. Attend and learn more about how ETFs will lead to cryptocurrencies’ mainstream adoption. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

Photo: Shutterstock