Countdown Begins: Fidelity Gears Up for Spot Bitcoin ETF Application

Countdown Begins: Fidelity Gears Up for Spot Bitcoin ETF Application
June 2023 is shaping up to be an exhilarating month for the Bitcoin ETF scene, as a wave of major corporations eagerly submits their applications to the U.S. Securities and Exchange Commission (SEC). 

Following the bold move by Blackrock, the world's largest asset manager, on June 16, 2023, other notable players like Invesco, WisdomTree, and Bitwise have eagerly followed suit. 

This surge in filings promises to be a monumental boost for the crypto market, considering the combined management of trillions of dollars' worth of assets by these companies worldwide. Consequently, this collective push could serve as a catalyst for Bitcoin's conquest of its most pressing challenge: reshaping the perception of cryptocurrencies among traditional powerhouses in the financial domain.

Previously, Fidelity Investments had been making preparations to submit an application for a spot Bitcoin ETF. Recent reports indicate that the company was on the verge of filing the application.


 

As per Wu Blockchain, one of the world's largest asset management firms, with $4.2 trillion in assets under management (AUM), was poised to apply for a spot Bitcoin exchange-traded fund (ETF). This filing would follow in the footsteps of Blackrock, making it another notable attempt by Fidelity in the crypto space. Previously, the firm had collaborated to launch EDX Markets, a non-custodial cryptocurrency exchange.

Fidelity has long shown interest in capitalizing on the opportunities presented by the crypto market and has been actively exploring various avenues. In December 2022, the company filed trademark applications for services related to the Metaverse. With the official announcement of the Bitcoin ETF filing, the Bitcoin price may experience a positive surge, potentially reaching and surpassing the $31,000 level.

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