Fidelity Jumps Into Bitcoin ETF Ring Again, Ready To Battle BlackRock

Fidelity, the colossal asset management firm that manages assets worth $4.3 trillion, has once again submitted paperwork to launch its Wise Bitcoin Trust, which is a spot Bitcoin exchange-traded fund (ETF).

This development closely follows BlackRock's submission for a similar ETF through its iShares unit.

BlackRock, the renowned asset manager, filed for the iShares Bitcoin Trust earlier this month.

Following BlackRock's move, other major fund companies such as Invesco and WisdomTree have followed suit, initiating similar filings. Reports had circulated that Fidelity was on the cusp of submitting its paperwork.

What's Next For Prospective Bitcoin ETFs? It is noteworthy that Fidelity had made an attempt to introduce a spot bitcoin ETF in 2021, but the U.S. Securities and Exchange Commission (SEC) turned down the initiative in 2022.

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As it stands, the SEC has yet to render a verdict on any of the fresh submissions.

Although there is a wave of optimism regarding BlackRock’s submission - considering its impressive track record of securing approval for 575 out of 576 ETF applications — some quarters still harbor reservations.

Bloomberg Intelligence ETF analyst James Seyffart told Benzinga that Fidelity is a powerhouse player in the broader asset management industry and has become a big player in the Bitcoin and digital asset space.

"But this is largely expected. They have filed before and have been denied before so it would be more surprising to me if they didn't file in this wave," he added.

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