As per the latest report, investment giant Fidelity files for a spot Bitcoin ETF. BlackRock recently filed for a Bitcoin ETF. BlackRock’s filing made a strong ripple effect in both traditional and crypto markets.
Fidelity files its Bitcoin ETF application with the US Securities and Exchange Commission (SEC) to attract American investors who are interested to invest in Bitcoin. Fidelity’s “Wise Bitcoin Trust” will open new opportunities for crypto enthusiasts who want to invest in crypto products via safe means.
As per the Boston-based investment firm, its Bitcoin ETF will help investors to mitigate risks linked with crypto-based products.
Fidelity’s ETF filing stated:
“To this point, the lack of a Spot Bitcoin ETP exposes U.S. investor assets to significant risk because investors that would otherwise seek crypto asset exposure through a Spot Bitcoin ETP are forced to find alternative exposure through generally riskier means.”
Many US Investment Companies Filed for Spot Bitcoin ETFs
Fidelity is not the first investment firm that wants to launch its Bitcoin-based ETF. Many other US companies, including BlackRock, Bitwise, and Valkyrie have also filed their applications with SEC.
Fidelity filed its crypto ETF application back in 2021 but SEC rejected it. After BlackRock’s filing, it made up its mind again to file an application with SEC. It is still unknown whether SEC would pass or reject it, thanks to SEC’s bad history with crypto companies.
This news will have a major impact on Bitcoin’s price. This is because the news of BlackRock’s entry in crypto sector pumped BTC price to $30k.
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