Following earlier reports of the application process, $4.2 trillion asset manager Fidelity has officially filed for a spot Bitcoin ETF. The firm was expected to file with the US Securities and Exchange Commission (SEC) this week, with the filing officially being made today.
The move follows similar action taken by fellow asset management giant BlackRock. The development showcases two traditional finance entities delving into the digital asset sector. How the SEC reacts to the filing will be vital to observe in the coming weeks.
Also Read: Fidelity to File for Spot Bitcoin ETF
Fidelity Spot Bitcoin ETF Filing Becomes Official
Over the last two weeks, a host of traditional finance entities have sought entry into the digital asset sector. Initially, BlackRock shocked the industry when it announced its intention to file for a Bitcoin ETF. Subsequently, another asset management titan was expected to make a similar filing, which has come to fruition today.
Now, Fidelity has officially filed for its Spot Bitcoin ETF. The documents reveal that the filing was made today, with initial reports of its arrival earlier this week. Moreover, the filing is certainly poised to have a positive impact on the Bitcoin (BTC) price in the coming days.
Fidelity is no stranger to the digital asset industry, as this will be its second attempt at bringing to life a similar project. In 2022, the asset management failed to gain SEC approval for a Bitcoin ETF. However, recent analysts have suggested that BlackRock could maintain as high as a 50% chance of approval. Subsequently, the reasoning could mean a similar chance for Fidelity.
Also Read: BlackRock’s Bitcoin Spot ETF Masterplan for 2024
The asset management firm maintains more than $11 trillion under its administration. Additionally, it has operated within the digital asset space since 2018. Alternately, now that the filing has officially been submitted, the industry awaits the SEC’s ruling on its approval.