#1 Supplier
in Australia
by over 6000 clients
Book A Free Consultation

Spot Bitcoin ETF Initiative by Fidelity Investments

Spot Bitcoin ETF preparations are underway at Fidelity Investments, a titan in asset management with over $4.2 trillion under management. Following in the footsteps of BlackRock, which recently submitted documents for a Bitcoin ETF and sparked a price surge, Fidelity is now poised to enter the arena with its own ETF based on spot trading.

Spot Bitcoin ETF Initiative by Fidelity Investments logo

Earlier speculation suggested Fidelity’s potential acquisition of Grayscale and subsequent application for a Bitcoin Spot ETF. For the past two weeks, BlackRock, WisdomTree, Invesco, VanEck, and Bitwise have submitted applications for spot Bitcoin ETFs to the SEC, triggering a Bitcoin price surge above $31,000 on June 23, reaching a year-high.

Read our article on BlackRock here.

HSBC has also released Ethereum and Bitcoin ETFs for Hong Kong traders.

This marks Fidelity’s second attempt, with the initial 2021 filing named Wise Origin Bitcoin Trust, rejected by the SEC in 2022. Fidelity has yet to release an official statement, but this move brings optimism to the industry, potentially sparking a competition for a spot Bitcoin ETF between two major asset management firms.

The approval of these Spotcoin ETF by the SEC, if it happens, could trigger a race for the last remaining Bitcoin, with 2.3 million BTC currently left on centralized exchanges according to data.

Bitcoin Illiquid supply vs exchange supply chart

The introduction of a Bitcoin ETF is seen as a pivotal moment, given the size of filings from these management firms, suggesting a potential significant institutional presence. Fidelity, actively engaged in the crypto space since 2018, demonstrates its familiarity with the industry.

As the SEC’s decision on ETFs awaits, the competition for the last remaining Bitcoin could be imminent.

About the author

Leave a Reply