Fidelity, The Seventh Candidate This Year, Redoubles Its Efforts to Land Wise Origin BTC Trust

After being rejected for the Wise Origin Trust last year, the large asset manager is now joining a long list of candidates for crypto spot funds.

Source: static.foxbusiness.com

According to a global crypto exchange filing with the US Securities and Exchange Commission (SEC) dated June 19, asset management Fidelity Investments has applied for a spot Bitcoin exchange-traded fund (ETF). 

Following applications from Valkyrie, WisdomTree, Invesco, and BlackRock in the days that followed, on June 15, BlackRock filed for a spot Bitcoin ETF. Seven requests for a spot Bitcoin ETF have reportedly been submitted this year, according to Bloomberg. Fidelity was attempting a spot BTC ETF for a second time, similar to WisdomTree and Invesco. 

The CME Bitcoin Futures market represents a regulated market of significant size as it relates to the spot Bitcoin market, as was said in this application, similar to other spot BTC ETF applications. It provided a thorough defense of the position and a wealth of information to back up its claims. It continued by listing prior riskier options including the insolvent FTX, Celsius, BlockFi, and Voyager Digital. Additionally, it made the case that investors may purchase stock in unrelated organizations with big BTC investments, like Tesla and MicroStrategy in order to obtain their own exposure to the cryptocurrency.

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The trust's Bitcoins would be kept in custody by Fidelity Digital Assets Services, a regulated custodian authorized by the New York Department of Financial Services. A United States-based cryptocurrency trading platform said they will collaborate on monitoring. A spot BTC ETF application has yet to receive SEC approval. The Wise Origin Bitcoin Trust product, for which the company submitted an application in March 2021, is being revived, according to the Fidelity 19b-4 form. After two more extensions of the review process, the application was finally denied. Approximately $11 trillion worth of assets are managed by Fidelity.

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