Resume:
- Fidelity could file a Bitcoin (BTC) spot ETF application as early as Tuesday, The Block reported, citing a source.
- A wave of BTC ETF applications came from companies like Widomtree and Invesco after BlackRock filed on June 15.
- Bitcoin broke above $30,000 for the first time since April shortly after BlackRock’s filing with the US Securities and Exchange Commission.
Wealth management heavyweight Fidelity is reportedly working on filing a Bitcoin spot ETF application with the U.S. Securities and Exchange Commission, according to crypto news outlet The Block, citing an acquaintance with the company’s intentions.
Fidelity could file as early as Tuesday, according to the report.
Bitcoin Spot ETF Race is heating up
Fidelity joins a pool of institutions and companies in the open race to offer America’s first Bitcoin spot exchange-traded fund, a product that the SEC and Chairman Gary Gensler have infamously rejected on several occasions.
BlackRock filed its application for a Bitcoin Spot ETF on June 15, ushering in a wave of applications from other institutions such as WisdomTree, Invesco, and now Fidelity. Crypto proponents speculate that the trillion-dollar asset manager has a chance of success after successfully filing more than 500 filings with the SEC.
Grayscale, a subsidiary of Digital Currency Group, has filed a number of unsuccessful filings with the securities watchdog. The company has repeatedly attempted to convert its Grayscale Bitcoin Trust (GBTC) product into a Bitcoin Spot ETF without success. Grayscale is currently embroiled in a legal battle with the SEC over the regulator’s decision to deny the application, despite the approval of Bitcoin Futures ETFs.
Bloomberg analysts believe that Grayscale is a 70% chance of winning in court after three judges heard arguments from both sides. This also seemingly increased the likelihood of BlackRock’s filing going through, as the SEC could try to mitigate the impact of the court failure, according to Bloomberg’s Eric Balchunas and Elliott Z. Stein.
