Fidelity Investments, which has $11 trillion in assets under management, has renewed its push to launch a CBOE-listed spot bitcoin exchange-traded fund (ETF), according to a new CBOE filing with the Securities and Exchange Commission. US Securities (SEC).
key takeaways
- Cboe has filed to list a new bitcoin spot ETF managed by Fidelity Investments.
- The SEC had previously rejected Fidelity's Wise Origin Bitcoin Trust application.
- Many traditional financial institutions have recently entered the race to launch the first bitcoin spot ETF in the US following a request from BlackRock earlier this month.
Fidelity reflects the push of traditional finance for cryptocurrencies
The SEC previously rejected Fidelity's Wise Origin Bitcoin Trust, but this new Cboe filing indicates that Fidelity is making another attempt to get regulatory approval for its bitcoin dot. exchange traded fund.
The move comes after BlackRock (BLACK) presented a Applying for a Spot ETF and follows in the footsteps of other traditional financial entities such as Invesco (IVZ) and Tree of Wisdom (weight) who reactivated their previously rejected applications.
Market observers have taken note of these developments and consider them significant due to BlackRock's reputation and confidence in gaining regulatory approval. Investors have also followed suit, pushing bitcoin prices to new highs.
There have been dozens of attempts to launch a spot-bitcoin product in the past, but many have faced opposition from regulators citing market concerns and investor protection.
One reason commentators have been optimistic about the prospect of BlackRock's ETF approval for bitcoin spot is that it includes a watchdog sharing agreement with an unnamed US-based bitcoin exchange. , and this type of agreement is also mentioned in the recent presentation of Cboe.
Other issuers, including Valkyrie, Bitwise, VanEck and ARK Investment Management, are holding out hope of getting regulatory approval this time. Notably, this is not the only area of โโcrypto that traditional financial powerhouses are getting involved in, as a new crypto asset exchange backed by Charles Schwab (BLACK), Fidelity, and others as well recently released.
This renewed interest from traditional financial institutions has clearly breathed new life into the cryptocurrency market after the industry was rocked by SEC lawsuits against crypto exchange giants. Binance and coin base (CURRENCY).
