Asset manager Fidelity files for a bitcoin ETF
Fidelity Investments, one of the largest asset managers in the world with $4.9 trillion in assets under management (AUM), has filed for a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
According to an S-1 filing, the Wise Origin Bitcoin Trust adds to the growing list of bitcoin ETFs vying to be launched in the United States.
The Wise Origin Bitcoin Trust
A Boston-based firm called FD Funds Management LLC has been named as the sponsor of the fund while Fidelity Service Company Inc. will serve as the administrator.It didn’t come as a major surprise when Fidelity Digital Assets, the crypto division of the asset manager was named as the custodian.
If approved, Fidelity plans to use in-house tools to track bitcoin’s performance.
“The Trust’s investment objective is to seek to track the performance of bitcoin, as measured by the performance of the Fidelity Bitcoin Index PR (the “Index”), adjusted for the Trust’s expenses and other liabilities.”The filing further added that the Trust will provide direct exposure to bitcoin.
The asset manager launched the Wise Origin Bitcoin Index Fund l in August last year and its recent filing could be a major catalyst for a bitcoin ETF approval in the U.S.
Is a bitcoin ETF knocking on the door
The past few weeks have seen a lot of activities around bitcoin ETFs, increasing the pressure on the U.S. to approve its own.The securities regulator acknowledged the receipt of an application of a bitcoin ETF filed by VanEck. VanEck has previously filed for several bitcoin ETFs but they all came to nothing.
Jack van Eck, the CEO of VanEck said the current application is based on a “couple of rays of hope.”
And part of the hope could hinge on numerous bitcoin ETFs lining up on the SEC’s door.
Cryptonary reported hardly two weeks ago that WisdomTree joined the race to have its bitcoin ETF approved by the securities regulator. Other entries in the race include NYDIG Asset Management, Valkyrie Digital Assets, and joint application by Anthony Scaramucci’s Skybridge Capital and First Advisors.
While all this adds up in favor of a bitcoin ETF approval, developments outside the U.S. may push regulators to take action.
External hands may swing the pendulum
A few bitcoin ETFs have been approved in the Americas. Purpose Investments launched the first Bitcoin ETF in Canada. The bitcoin exchange-traded fund accumulated more than 12,000 bitcoins worth nearly $700 million within a month.Brazil approved its first bitcoin ETF a few days ago.
While the U.S. weighs in on the merits of the bitcoin ETF applications, it will be almost impossible to ignore what is happening beyond its borders.
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