Fidelity Applies to Launch Bitcoin ETF Amid Accelerating Institutional Demand for BTC – Markets and Prices Bitcoin News

F

Fidelity Applies to Launch Bitcoin ETF Amid Accelerating Institutional Demand for BTC – Markets and Prices Bitcoin News

Fidelity has filed an application with the US Securities and Exchange Commission (SEC) to launch a bitcoin exchange-traded fund (ETF). The ETF will track the price of bitcoin, as measured by the Fidelity Bitcoin Index.

Fidelity seeks SEC approval for bitcoin ETF

FD Funds Management, a subsidiary of Fidelity, said it plans to financially back a bitcoin ETF called Wise Origin Bitcoin Trust, reports CNBC. The company filed a pre-registration statement on Form S-1 with the Securities and Exchange Commission on Wednesday.

The filing explains that Bitcoin Trust Wise is an exchange-traded fund that issues common stock traded on an as-yet undesignated exchange:

The investment objective of the Trust is to track the performance of bitcoin as measured by the Fidelity Bitcoin Index PR … adjusted for the Trust’s expenses and other liabilities.

The ETF is sponsored by FD Funds Management and the trustee is Delaware Trust Company. Fidelity Digital Asset Services LLC (FDAS) is the custodian of the Trust and will hold all BTCs of the Trust on behalf of the Trust, as described in the documentation. The Fidelity Bitcoin Index PR is designed to reflect the performance of bitcoin in US dollars.

CNBC reports that Fidelity has confirmed that it has filed a prospectus to sponsor a bitcoin ETF. However, due to the provisional nature of the application, the company refrained from further comments.

In an emailed statement, Fidelity wrote that a growing number of investors seeking access to bitcoin underscores and clarifies the need for a more diverse set of products that provide access to digital assets:

The digital asset ecosystem has grown significantly in recent years, creating an even more robust market for investors and increasing demand from institutions.

What do you think of the launch of a bitcoin ETF by Fidelity? Let us know your comments in the section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.

bitcoin stock price,bit coin price,how much are bitcoins worth,is bitcoin safe,Privacy settings,How Search works

About the author

Emilia James
By Emilia James

Your sidebar area is currently empty. Hurry up and add some widgets.