$4.2 trillion asset manager, Fidelity, is reportedly set to file for a Spot Bitcoin ETF. Indeed, The Block reported that the financial giant is close to submitting the necessary filing for the exchange-traded fund. Subsequently, following a similar decision taken by BlackRock this month.
The report notes that the asset manager is set to join the list of issuers, and could submit the filing as soon as Tuesday. Moreover, fellow asset management giant BlackRock submitted its filing on June 15th, with Fidelity now one of the largest firms to follow suit.
Fidelity Set to File For Spot Bitcoin ETF
The finance world was shocked when BlackRock reportedly submitted the necessary filing for a spot Bitcoin ETF. Alternatively, the entire digital asset industry was pleasantly surprised, with the price of the asset seeing a surge in response. Now, another asset management behemoth is following suit.
Specifically, $4.2 trillion asset manager, Fidelity, is reportedly set to file for a spot Bitcoin ETF, according to sources’ statements to The Block. Additionally, the report noted that this is the asset management firm’s second attempt at the offer. Following a 2021 filing that was called the Wise Origin Bitcoin Trust. However, that was denied by the US Securities and Exchange Commission (SEC) in 2022.
The report noted that Fidelity has yet to officially comment on the development. However, the decision is certainly a positive one for the industry and could set in motion a spot Bitcoin ETF race between two of the largest asset management firms in the world.
Many have observed a Bitcoin ETF as a massive moment for the industry. Moreover, the significance lies partially in the size of the management firms’ filing. Thus, their impact on the market could present a massive institutional presence in the industry. However, Fidelity is no stranger to crypto. Specifically, operating within the market since 2018.