- Fidelity may submit its Bitcoin ETF application as soon as today
- The Block cites a source as saying that Fidelity is ready to file
- It would become the fifth spot Bitcoin ETF application this month were it to be filed
Asset giant Fidelity may be filing for a Bitcoin ETF as soon as today, according to a purported insider. Crypto news site The Block yesterday cited a “source” as saying that the financial powerhouse, which has tens of millions of retail brokerage clients and over $11 trillion in assets under management, is on the cusp of joining fellow Wall Street titan BlackRock in filing for a spot Bitcoin ETF, with the filing ready to go. Fidelity is of course no stranger to crypto, with its entanglement in the space going back to 2019.
More Sources Come Forward in Support of Fidelity Filing
Suggestions of a potential Fidelity Spot Bitcoin emerged last week when Andrew Parish, co-founder of trading automation company Arch Public, cited further unnamed sources for his belief that Fidelity will seek to either file its own Bitcoin ETF to rival BlackRock’s recent application or will look to buy out Grayscale.
This claim has now been bolstered by The Block, which has information from its own source that Fidelity is indeed seeking to pass the SEC’s guard dogs and obtain a spot Bitcoin ETF. Fidelity is in many ways a more likely candidate than BlackRock given that it has offered various crypto-related products since 2019.
Five and Counting?
Should Fidelity indeed file, as seems inevitable, it would represent the company’s second attempt at such a product following its 2021 application called the Wise Origin Bitcoin Trust which was rejected by the US Securities and Exchange Commission (SEC) in 2022.
The glut of Bitcoin ETF applications this month has taken the crypto space by surprise given the SEC’s growing animosity towards crypto, but there must be something brewing given that out of nowhere there are now four Bitcoin ETF applications sitting with the SEC. Fidelity’s application would make this five and would almost certainly positively impact the Bitcoin price.
