2023-07-02 04:02:53
A few days ago, we wrote about BlackRock, the world’s largest asset manager, submitting an application to launch a spot Bitcoin exchange-traded fund (ETF). Then came Fidelity Investments, the world’s third largest fund manager, which recently submitted its application to launch its own spot bitcoin ETF. They originally wanted to launch the Wise Origin Bitcoin Trust ETF in 2021. But in 2022, the US Securities and Exchange Commission rejected this request. Everything will depend on BlackRock’s request And not only Fidelity does not want to be left behind in the competition. Since BlackRock’s move, Invesco ( IVZ ) and WisdomTree, among others, have already filed applications. Similar to BlackRock’s submission, Fidelity’s document package also contains a so-called “custodial sharing agreement” with an unnamed US spot bitcoin trading platform. The purpose of this agreement is to help reduce the SEC’s concerns about market manipulation. Fidelity also emphasized that crypto market players have suffered a lot of losses in the past period due to the insolvency of custodians and crypto exchanges. However, they believe that a spot bitcoin ETF would have protected these investors from losses. To date, the SEC has not adjudicated a single application. And many are very optimistic about BlackRock’s request. After all, the company has received approval for 574 out of 575 ETF applications so far, so this is a completely different kind of submission. Several experts have spoken about the application several times, currently they give a 10% chance that the SEC will allow BlackRock to issue a spot bitcoin ETF.
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