Author: Cha Cha, original observation
Following BlackRock, Fidelity has resubmitted its application for a spot bitcoin ETF to the US SEC.
After so much public speculation and anticipation, Massachusetts-based multinational financial services company Fidelity Investments has applied to the United States Securities and Exchange Commission (SEC) to establish a spot bitcoin (BTC) exchange-traded fund (ETF) called the Wise Origin Bitcoin Trust.
The filing mentions a “monitoring sharing agreement” signed with an unnamed US spot bitcoin trading platform.
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Fidelity’s first spot BTC ETF application
It is worth noting that Fidelity previously submitted the same issuance application at a non-public meeting with US regulators, but its request encountered obstacles.
At the time, Fidelity Digital Asset Company President Tom Jessop attempted to persuade the SEC to approve BTC derivative products for some reasons.
One of the reasons he emphasized was the growth in the number of bitcoin holders, and another was increasing investor interest in digital assets and bitcoin ETFs being approved in other countries. The SEC didn’t seem to buy it at the time.
BlackRock’s spot BTC ETF application has attracted the attention of others
After the request was rejected last year, news of the reapplication was heard only two weeks ago when popular investment asset management company BlackRock applied for its spot BTC ETF, iShares Bitcoin Trust.
BlackRock’s application for iShares Bitcoin Trust was surprising to the entire crypto industry, especially in the midst of US regulatory crackdowns on crypto entities. Leading digital asset service providers Binance and Coinbase had just been hit by the SEC at the time.
Aside from being surprising, BlackRock’s application for a spot BTC ETF appears to be a sign of new hope. Therefore, other asset management companies have decided it is time to apply for or reapply for the same BTC derivative product. US asset management company WisdomTree has reapplied for a spot bitcoin ETF called “WisdomTree Bitcoin Trust.”
Two years after being rejected, Jing Shun also reapplied for a spot bitcoin ETF. Valkyrie and Bitwise followed suit.
So far, the US Securities and Exchange Commission has not approved any spot bitcoin ETFs, but speculation is growing that this may be the time for approval, as Grayscale may win a lawsuit against regulators’ rejection of its bitcoin ETF request.
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