Rumors emerge on the web about Fidelity’s plans to launch a spot bitcoin ETF

Andrew Parish, the co-founder of the Arch Public trading company, was the first to report this

19.06.2023 - 12:20

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2 min

Fidelity Investments, the world’s third-largest asset management firm with $4.2 trillion in assets under management (AUM), preparing to file a spot Bitcoin ETF similar to BlackRock iShares spot Bitcoin ETF. The financial giant is also planning to submit an offer to acquire the largest digital asset management firm Grayscale Investments.

Fidelity Investments Filing a Spot Bitcoin ETF

After BlackRock iShares spot Bitcoin ETF filing, Fidelity Investments also preparing a similar spot Bitcoin ETF application with the US Securities and Exchange Commission (SEC). Fidelity Investments operates its digital asset operations under Fidelity Digital Assets.

Moreover, Fidelity Investments is also looking to submit a bid to acquire Grayscale Investments. Barry Silbert’s Digital Currency Group-owned Grayscale sued the US SEC for rejecting its application to convert Bitcoin Trust (GBTC) to spot Bitcoin ETF.

Crypto influencer Andrew Parish also believes that as traditional financial firms enter the crypto industry, he wouldn’t be surprised to see Fidelity offer staking services soon. Fidelity Digital Asset already offers Ethereum ETF in the US and Bitcoin ETFs on international exchanges. Moreover, it is mining Bitcoin since 2014 and accumulating BTC, as well as offering crypto custody services.

Fidelity Investments and Grayscale have yet to confirm the buzz surrounding filing a spot Bitcoin exchange-traded fund and bid to acquire GBTC issuer Grayscale.

The news was shared by notable crypto influencers including Scott Melker or The Wolf Of All Streets, Michael van de Poppe, and Ash Crypto.

The crypto community reacted positively to the news and anticipates Fidelity can file for spot Bitcoin ETF as it continues to deepen its crypto presence.

This material is taken from the website https://coingape.com.

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