Fidelity Fires Up Bitcoin ETF Race With Resubmission Amid Wall Street Frenzy

Key Points:

• Fidelity Investments resubmits its spot Bitcoin ETF application, joining the race among major financial institutions.
• The revised application shows minor formatting changes, indicating similarity to the previous submission.
• The move follows a flurry of filings from firms like BlackRock, Invesco, and WisdomTree, as the battle for the first Bitcoin ETF heats up.

Fidelity Investments, one of the largest asset management firms, has submitted a revised application for a spot Bitcoin exchange-traded fund (ETF), as reported by Bloomberg ETF analyst James Seyffart on July 13.

While Seyffart noted that he did not find any significant differences between the two versions of the application, he identified some formatting changes. Fidelity’s move is part of a race among major players in the financial industry to secure approval for a Bitcoin ETF, which would enable investors to gain exposure to the cryptocurrency through traditional brokerage accounts.

The competition to launch a Bitcoin ETF has gained momentum in recent months, with prominent names such as BlackRock, Invesco, and WisdomTree filing or refiling applications with the US Securities and Exchange Commission (SEC). The Nasdaq and Cboe Global Markets exchange operators, who filed applications on behalf of BlackRock and Fidelity, respectively, have resubmitted their paperwork after the SEC found the initial filings insufficient and lacking certain information.

However, gaining approval for a Bitcoin ETF from the SEC has proven to be a challenge in the past. The regulatory body has consistently rejected applications for crypto ETFs, leading fund companies to make repeated attempts to meet the stringent requirements and address the concerns raised by the SEC.

Meanwhile, London-based Jacobi Asset Management had initially planned to launch its Bitcoin ETF on Amsterdam’s Euronext exchange in July 2022. However, the company had to reassess its plans following the collapse of the Terra ecosystem in May 2022 and market events involving FTX in November. Despite the delay, Jacobi received approval from the Guernsey Financial Services Commission in October 2021 to launch its Bitcoin ETF. The company recently stated that it is evaluating the details of the launch and expects to provide an update soon.

The introduction of cryptocurrency ETFs, including Europe’s first spot Bitcoin ETF offered by Jacobi Asset Management, represents a significant milestone in the cryptocurrency space.

These ETFs not only open up new investment opportunities but also contribute to the growing legitimacy and acceptance of digital assets. The move towards regulated ETFs provides investors with a familiar and regulated framework to access the cryptocurrency market, ultimately fostering mainstream adoption.

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