Breaking: Fidelity On Brink Of Spot Bitcoin ETF Filing

Crypto Market News: The month June 2023 is turning out to be a turning point in the Bitcoin ETF segment, with major corporations flocking to file for applications with the U.S. Securities and Exchange Commission (SEC). After the world’s largest asset manager Blackrock filed for filed for the same on June 15, 2023, other companies Invesco, WisdomTree and Bitwise followed the footsteps. These filings are likely to prove to be massive support for the crypto market as these companies together manage trillions of dollars worth assets across the world. Hence, this could help Bitcoin traverse the most important problem in the industry, which is to change the narrative around cryptocurrencies among traditional players in financial markets.

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Earlier, CoinGape reported that Fidelity Investments was preparing to file a spot Bitcoin ETF. On Tuesday, reports suggest that the company was on the brink of filing the application.

Fidelity Bitcoin ETF

According to Wu Blockchain, the world’s third-largest asset management firm was all set to file for a spot Bitcoin exchange traded fund (ETF). This will be yet another filing after Blackrock, considering that Fidelity has $4.2 trillion in assets under management (AUM). The Bitcoin ETF filing would be a second major crypto centric attempt by the asset management firm, which had earlier jointly launched EDX Markets, a non-custodial crypto exchange.

The firm had long been interested in leveraging the crypto market opportunity and had been working on multiple fronts. In December 2022, the firm filed for three trademark applications for services in the Metaverse. Meanwhile, the Bitcoin price could be up for a welcome upswing towards the $31,000 mark and beyond as and when the Bitcoin ETF filing is officially announced.

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